Crypto Trader Calls Yesterday’s Bitcoin (BTC) Bounce but Admits to Possibly Misinterpreting One Key Metric

Extensively adopted crypto analyst Justin Bennett known as yesterday’s Bitcoin (BTC) rebound hours earlier than it occurred.

Yesterday, Bennett told his 112,400 Twitter followers {that a} Bitcoin bounce might be on its means after a tough week for the crypto king.

“Fairly spot on from BTC to date however perhaps a bounce quickly to flush some shorts. 

Nonetheless a ton of lengthy liquidations at $24,000.

Let’s see.”

Hours later, Bennett’s predicted bounce occurred, taking BTC from a 24-hour low of $24,936 to a 24-hour excessive of $25,746, an over 3% leap.

“And there’s the Bitcoin bounce.”

BTC is buying and selling for $25,463 at time of writing, up 3.4% within the final 24 hours and down 4.2% within the final week.

Regardless of his success in predicting BTC’s motion yesterday, the dealer additionally admits to probably being flawed about his place on the US Greenback Index (DXY), a measure of the worth of the US greenback relative to a basket of six main foreign currency echange.

The DXY is a great tool for traders and merchants to trace the energy of the US greenback relative to different main currencies. Usually talking, a rising DXY signifies that the US greenback is strengthening, whereas a falling DXY signifies that the US greenback is weakening.

Says the dealer of the DXY,

“My bullishness on the DXY could also be misplaced.

And if I’m flawed, so be it.

However I can’t get bearish whereas the upper time frames are holding this space.

My base case continues to be for a push to 109-110 later this 12 months.

We’ll see.”

Earlier within the day, Bennett had expressed his opinion that now just isn’t the time to be bearish on the DXY.

“I’ve stated it for months, however getting bearish on the DXY whereas above the 102.00 space is a mistake in my view.

If nothing else, a partial fill of final 12 months’s wick towards 110.00 continues to be within the playing cards. 

DXY 12-month timeframe:”

The DXY sits at 102.38 at time of writing, in accordance with MarketWatch.

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Featured Picture: Shutterstock/Ongky Ady Widyanto