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.com Inc. (NASDAQ:AMZN) shares traded lower Thursday as it gets rejected by a strong resistance level.
Amazon recently had its Prime Day promotion, and it was reported the company reached $6.8 billion in sales, up 9% from Prime Day last year. The stock has been trending throughout the day on social media sites such as StockTwits.
Amazon was down 1.56% at $3,449.08 at the close.
Amazon Daily Chart Analysis
- Shares have been trading in what technical traders call an ascending triangle pattern. Shares look to have possibly rejected at resistance and may head back toward the higher low trendline.
- The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock is bullish.
- Each of these moving averages may hold as an area of support in the future.
Key Amazon Levels To Watch
- The stock trades in the ascending triangle pattern and is looking to see a breakout in the coming weeks as long as the higher low trendline is able to hold.
- The $3,500 level has held as resistance multiple times in the past, as this is an area the stock has struggled to cross above in the past.
- The higher low trendline is somewhere the stock previously finds support everytime it has reached it. This signals to traders that this may be an area the stock will bounce again in the future.
What’s Next For Amazon?
Bullish technical traders would like to see the stock continue to hold above the higher low trendline. If the stock can continue to hold the trendline bulls would then like to see the stock break out above the $3,500 level. If the stock can consolidate above the $3,500 level, it may see a strong bullish push.
Bearish technical traders would like to see the stock fall below the higher low trendline. If the stock could hold the higher low trendline as resistance, then the stock could be ready to see a bearish push. Bears would also like to see the stock fall below the moving averages for a potential change in sentiment and a possible trend change.
Photo: courtesy of Amazon.
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.
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!