Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Tuesday evening’s 1.6% drop in the S&P 500 futures contract may not have even registered with some traders. News of the U.S. airstrike that killed Iran’s top general sent the /ES tumbling 54.25 points down to 3181, but aggressive dip-buying quickly erased the downward spike before the cash open and by Thursday had propelled markets into the 3,280 handle.
Examining technical indicators, the RSI is showing bearish divergence in the overbought area while markets are making all-time highs, while the declining ADX suggests a weakening uptrend. In terms of market breadth, the Advance/Decline lines for both the NYSE and the NASDAQ have been flattening and actually fell yesterday – yet, in spite of all this, rising prices continue to thwart bears and squeeze out shorts.
There are many ways to make a bearish technical argument for this market, but the most important thing to keep in mind is that, at this time, the trend is still upward. It can be tempting to jump the gun and start preemptively loading up on short positions, but wait for clear signs of trend reversal first.
Image Sourced from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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