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.
AMC Entertainment Holdings Inc (NYSE:AMC) is gearing up for Halloween with Thrills and Chills –a moviegoing event where horror fans pay just $5 per ticket to watch a preselected film. There’s just one catch: the audience won’t know what film they’ll be viewing before buying the ticket.
Unlike participants of the event, technical traders can use AMC’s chart to create a detailed roadmap to assist in planning their trades. Likewise, the apes who “hodl” the stock can use analysis to make decisions for when is the safest time to add to their positions.
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The AMC Chart: On Tuesday AMC was, once again, testing the support of an ascending trendline that has been propping the stuck up since May 6. AMC also tested the trendline On Oct. 6 and on Monday and held above it.
There is also an upper descending trendline visible on AMC’s chart, which combined with the lower ascending trendline forms the stock into a pennant pattern. AMC will meet the apex of the pennant on Nov. 4 and may break from the pattern before the date. Traders will want to watch for high volume on the break for confirmation the pattern was recognized.
AMC has declining volume, which has caused the stock’s trading range to tighten. By noon on Tuesday only 10.37 million shares had exchanged hands compared to the average 10-day volume of 36.27 million. Decreasing volume indicates there is a lack of both sellers and buyers.
AMC is trading below the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending below the 21-day, both of which are bearish indicators. On Tuesday AMC tested the eight-day EMA as resistance and wicked from the level. The stock is trading about 45% above the 200-day simple moving average, however, which indicates overall sentiment remains bullish.
- Bulls want to see AMC hold above the ascending trendline of the pennant and for bullish volume to increase and pop the stock up over the eight-day EMA. Before reaching the top of the pattern, the stock will have to bust through two resistance levels at $39.07 and $43.33.
- Bears want to see big bearish volume come in and drop AMC through the bottom of the pennant pattern. Below the ascending trendline, the stock has support at $35.59 and $31.81.
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.