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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China’s overseas sales rose 14.1 percent in December from a year earlier, almost triple the 5 percent gain predicted, and the ECB head Mario Draghi was surprisingly positive about the future of the Euro region’s economic recovery and stability prospects. Thus, the Euro currency shot up today to the tune of around 200 ticks, now trading up 1.52% at 1.3260. Continuing the recent trend of strength, the MAR13 emini SP 500 futures are positive again, this time up 5.5 points, or +.38% this morning. We continue to note our view that the US equity have much more room to run on the upside.
Precious metals also responded very favorably to Draghi’s comments this morning. Gold futures are up around 21 dollars today while silver futures are up over 2 percent. We think that gold will run into some resistance at the $1690 level.Platinum futures have also experienced a very significant rally over the past few weeks. The market could potentially test its key resistance overhead at the $1730-1740 level.
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Besides precious metals, natural gas is one of the stronger commodities on the board this morning, reversing course from its recent sell off. Nat. gas has rebounded today, trading up around 2.15% at $3.18. Crude Oil is up almost one dollar today, with the FEB13 contract trading at $93.96. We see potential key congestion at the $95 level, and then major resistance at the $100 level.
The biggest movers overall today seem to be in the currency futures markets. The Euro currency is leading the way up today, trading up 1.52 percent. We see potential resistance at 1.33. The Euro has now broken upwards through our initial resistance level at 1.3150 as Draghi’s comments can really move the markets in a big way. We focus more on the Aussie Dollar today. The MAR13 Aussie Dollar has now exploded through the previous high of around 1.0525. This market is up 86 ticks today. A growing Chinese economy, as indicated by recent data, may also mean a growing Australian economy and thus a potentially higher Aussie Dollar. Technically, our upside target for this market is 1.0625.
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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.