The analyst told his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is sending bullish signals to the crypto market.
A weaker DXY often signals higher prices for many assets. Bennett noted that DXY has just had a false breakout and is now facing a pullback.
“DXY signals a rally for the crypto market in December.
Friday’s closing price within this channel indicates weakness. Now closes below 95.80.
Let’s see.”
The source: Justin Bennett / Twitter
Bennett also keeps an eye on the Total Cryptocurrency Market Capitalization (TOTAL) chart. In his opinion, TOTAL is moving towards the end of a large descending wedge, coupled with a bullish divergence in the RSI, a signal that often precedes upward moves.
“TOTAL is moving within a falling wedge and a bullish divergence is developing on the intraday chart.
Something worth keeping an eye on. ”
The source: Justin Bennett / Twitter
Looking at Ethereum, the analyst says the next month looks to be a good month for the world’s second largest cryptocurrency with a big breakout.
“The ETH is approaching an eruption level.
Just add the trading volume. ”
The source: Justin Bennett / Twitter
Dogecoin (DOGE) also has great potential to take part in this rally, according to Bennett. He said DOGE was about to break out, with the first major resistance at $ 0.25 and the last at the all-time high above $ 0.75.
“DOGE breaks out”.
The source: Justin Bennett / Twitter
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