Weekly Crypto Forecast (March 27-31, 2023)

by Justin Bennett  · 

March 27, 2023

by Justin Bennett  · 

March 27, 2023

by Justin Bennett  · 

March 27, 2023


Today’s weekly crypto forecast covers the DXY, SPX, TOTAL, BTC, and ETH.

DXY and SPX are consolidating ahead of what could be significant moves this week.

Meanwhile, we finally have some minor breakdowns to discuss in the crypto market.

I share my thoughts in the video below, but remember to scroll down for more annotated charts.

US Dollar Index (DXY) Forecast

DXY spent Monday consolidating after a decent gain between Thursday and Friday of last week.

As long as the dollar index is above 102.60 on the higher time frames, I’m relatively bullish.

However, as mentioned last week, dollar bulls still have to deal with the 103.50 yearly open.

It will take a daily close above 103.50 to flip that back to support and open up the top of this 4-hour channel

Alternatively, a daily close below 102.60 would signal weakness.

DXY daily time frame

S&P 500 (SPX500) Forecast

The S&P 500 continues to consolidate within a potential rising wedge.

The upper level extends from the October daily closing prices, while the lower level is from the March low.

Given the look of things and the recent decline in volume, a break lower seems likely.

But as always, it’s important to wait for a confirmed break before taking action.

As for crypto, I think a break lower from SPX would likely drag the crypto market lower.

SPX500 daily time frame

Total Crypto Market Cap (TOTAL) Forecast

TOTAL is finally breaking down today after nine days of sideways action above $1.11T.

We’ll see where today closes in relation to that $1.112T level, but a close below flips the area to new resistance.

That said, the $1.08T area I mentioned last week is critical support for TOTAL.

So the short-term uptrend is technically intact while $1.08T is intact on the higher time frames.

A close below $1.08T opens up lower levels like $1.016T.

TOTAL daily time frame

Bitcoin (BTCUSDT)

Bitcoin broke down from a short-term consolidation pattern today, as mentioned on Twitter.

We saw BTC bounce right from the $26,500 level, a key support mentioned in last week’s forecast and multiple times on Twitter and Discord.

It will take a daily close below $26,500 to flip that to resistance and expose the $25,200 former range highs.

That would be a critical test for bulls as a higher time frame close below $25,200 in the coming days would open up much lower levels like $23,130 and even $20,000.

Alternatively, if Bitcoin bulls can reclaim $27,650 this week, we could see a move back to the $28,900 macro resistance.

I remain short BTC from $28,133, an entry I shared with members last week.

BTCUSDT 4-hour time frame

Ethereum (ETHUSDT)

ETH tested the September 2021 trend line today at $1,679.

That’s a must-hold level for bulls, as a daily close below it would confirm the fakeout and open up lower levels like $1,560 and $1,500.

If Ethereum closes today below $1,730, that area flips to resistance.

However, if that occurs, I wouldn’t be surprised to see a wick up to $1,750 before further weakness.

For now, key support at $1,670 is holding, but today’s range breakdown puts a bearish spin on things unless bulls can recover $1,730.

ETHUSDT daily time frame

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