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.
Amazon Inc. (NASDAQ:AMZN) shares traded higher on Friday. The stock was trending on social media websites, as news spread over the failed union vote at the company's Alabama warehouse.
Amazon ended Friday's trading at $3,372.20, up 2.21%.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Amazon Daily Chart Analysis: The daily chart above shows the stock trading in a sideways channel. The stock has been creeping up on the top of the channel recently and may be making a push to see if it can break resistance.
The stock is trading in a channel with support near the $3000 level and resistance near the $3500 level. The support and resistance lines can be found by connecting the lows and the highs. These lines represent areas on the chart where the price has struggled to get above or below.
The stock is trading above the 200-day moving average (blue), indicating bullish sentiment for the year.
What's Next For Amazon? Bullish traders would like to see Amazon build higher lows up to the top of the channel. A cross above resistance with some consolidation could bring the price to see a higher push.
Bearish traders would like to see the stock fall back to the support level. If the price were to cross below this potential support level, the stock may see a further bearish push.
Volume is key to watch as well when the stock is nearing the support or resistance lines. If the stock were to cross one of the lines with strong volume, the stock may see a further push in the same direction. Low volume at a key level may hint a trend change is coming.
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.