Cryptocurrency analyst Justin Bennett said that December could bring a rally to the digital asset markets along with Ethereum (ETH) and Dogecoin (DOGE).
The analyst says that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, gives a bullish signal for the cryptocurrency markets. A weaker DXY usually indicates higher prices for most assets. Bennett states that DXY may have just made a failed debut and is now facing a downward momentum.
“DXY looks good for a crypto rally in December. ”
Bennett also looks at the total market cap (TOTAL) chart of cryptocurrencies. According to him, TOTAL is nearing the end of a big descending wedge. It also highlights a discrepancy between the rising relative strength index (RSI) and the downward price action. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.
“There is a TOTAL falling wedge and bull divergence developing on intraday charts. Something to consider. ”
Analyst looking at Ethereum says next month looks good for the world’s second largest cryptocurrency. Bennett said that ETH is “prepared to perform well in December.”
According to Bennett, Dogecoin (DOGE) will also participate in the upcoming rallies.
https://twitter. com/JustinBennettFX/status/1465320302569738245
