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Top Crypto Analyst Says Pair of Indicators Are Bullish for Crypto Markets, Examines Bitcoin (BTC) and VeChain (VET)

A number one crypto analyst says Tether (USDT) dominance and the US greenback index (DXY) are flashing main bullish indicators for crypto.

In a brand new tweet, Justin Bennett shows his 99,000 followers a chart depicting the relative market dominance of USDT.

Bennett says USDT’s current drop relative market dominance is bullish for cryptos.

“First decrease low from USDT.D (Tether dominance) since November. 

Bullish for cryptos.”

Source: JustinBennettFX/Twitter

Bennett backs his bullish beliefs by turning to the DXY charts, which measure the worth of USD towards cryptos. As the DXY breaks under its present trendline, Bennett says this can be a good signal for the crypto markets.

“DXY 4h breakdown. 

Bullish for cryptos.”

Source: JustinBennettFX/Twitter

As for what these indicators imply for main crypto asset Bitcoin (BTC), Bennett sees BTC flipping present resistance ranges and probably transferring as much as greater resistance areas, similar to $45,500, $53,000, and even as much as $60,000.

“BTC big boy pants time.”

Source: JustinBennettFX/Twitter

In a brand new weblog publish, Bennett explores enterprise-solution altcoin VeChain (VET), calling the digital asset a “trader’s dream.”

“VeChain (VET) has been a dealer’s dream this month. I wrote concerning the potential for this rally on the seventeenth, and VET confirmed the breakout two days later.

Since then, VET is up about 18% and continues to be wanting fairly bullish.”

Currently, Bennett sees VET flipping the $0.056 resistance stage for help. After flipping the subsequent resistance stage at $0.062, Bennett implies VeChain may bounce 25% from present ranges, as much as the $0.07 vary.

“VET daily close above + retest as new support. Simple.”

Source: JustinBennettFX/Twitter

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Featured Image: Shutterstock/Oleksandra Klestova

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