Here’s Why October Will Be Bullish For Cryptos
Popular crypto trader Justin Bennett has released his latest batch of market analysis accompanying his bitcoin (BTC) playbook for October. The analyst says he believes that the flagship crypto will continue to trade above the level of $18,700 next month.
“As long as $18,700 holds, this is my #Bitcoin playbook through October,” the trader tweeted.
“I’m still macro bullish on the USD, but I see no reason to be bullish on it in October, given how the charts are setting up,” the analyst said.
One of the factors Bennett takes under consideration while developing his playbook for the coming months is the US Dollar Index (DXY), a measure of the value of the U.S. dollar in relation to a basket of other assets, for instance a set of cryptocurrencies.
“Not only did the $DXY confirm a bearish deviation from a 10-month level today, but it also closed back inside this channel from August,” according to the trader.
Reacting to a tweet by user Kevin Roberts, who said that the price level of $12,400 shown on the trader’s graph “looks more appealing,” Bennett replied “[a]s it does to most of retail, which is exactly why it probably doesn’t unfold the way everyone expects.”
Meanwhile, user prashant agarwal commented on the trader’s analysis by welcoming him to the “bull camp .. finally”.
“Been there since last week,” replied Bennett.
