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.
Tesla Inc (NASDAQ:TSLA) stock has lost over 11% in the last five trading days after chief Elon Musk indicated the EV-maker will continue cutting prices despite taking a hit on margins. Tesla’s operating margin fell 779 basis points to 11.4% during the first quarter compared to the same period a year ago. Meanwhile, Amazon.com, Inc. (NASDAQ:AMZN) and Meta Platforms Inc (NASDAQ:META) are scheduled to report their earnings this week.
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As the market continues to witness bouts of volatility, here's a look at how professional traders are placing themselves in the options market:
1. Tesla: Shares of Tesla closed 1.28% higher at $165.08 on Friday. Options expiring on April 28 show maximum open interest accumulation at the $170 Call strike, indicating the level could act as a stiff resistance in the short term. On the downside, the $160 Put strike is showing maximum open interest accumulation amongst out-of-the-money Put strikes, indicating the level could provide decent support.
2. Amazon: Shares of the retail giant closed 3.03% higher at $106.96 on Friday. Options market data show maximum open interest accumulation at the $110 Call strike, amongst out-of-the-money Call strikes, indicating the level could provide a short-term resistance. On the downside, the $104 level could act as a decent support in the short term, although the open interest accumulation numbers aren't as convincing as those among Call strikes.
3. Meta: Shares of Meta closed 0.08% lower at $212.89 on Friday. Options traders have factored in a wide trading range for Meta shares this week. Open interest accumulation is highest at the $220 Call strike, indicating the level could act as a potential resistance. On the downside, the highest open interest accumulation amongst out-of-the-money Put strikes lies at the $200 mark, indicating the level could provide decent support in the short term.
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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.