This morning, the Bitcoin price against the US dollar broke the previously quite solid resistance level set in the zone of USD 31,000-32,000 before its local maximums from April and July.
This morning, the Bitcoin price against the US dollar broke the previously quite solid resistance level set in the zone of USD 31,000-32,000 before its local maximum from April this year. and July this year Early this morning, the BTC/USD rate even briefly exceeded USD 35,000, reaching its highest level in 17 months. Later, the scale of the increase was somewhat reduced and approx. 9:15 the BTC/USD rate increased by 7.2%. being just below the USD 34,000 level.
The Bitcoin rate against the US dollar between June 2022 and March 2023 was in the zone of approx. USD 15,000-approx. USD 25,000 “inverted head and shoulders” formation. The rate broke upwards from this formation in March 2023, then until June and September this year. made a double “return movement” and then resumed the upward movement. Overcoming the peaks from April and July this year. seems to open the way to a continuation of the increase towards the USD 40,000 level suggested by the size of the “head and shoulders” formation that was abandoned 7 months ago.
The price of cocoa contracts listed on ICE, having slightly exceeded its peak in March 2011 on Tuesday morning, today reached its highest level since 1978. The price of this contract is near the upper limit of the channel of the upward trend since 2017, so it can be speculated that in the short term, the further upward potential of the price of this raw material is rather limited. In the longer term, the price of cocoa contracts can be placed within the channel of the upward trend since 2000 and within it, further long-term growth potential can be seen in this market, but of course this does not exclude the appearance of a strong medium-term correction of the recent bull market on this market.
Since the alleged intervention of the Japanese financial authorities in the monetary market in early October, when the exchange rate of the US dollar against the Japanese yen once again approached the level of 150 JPY, the yen has weakened again. This morning, the EUR/JPY exchange rate slightly exceeded its peak at the end of August this year, and thus reached its highest level since 2008. After this achievement, the EUR/JPY exchange rate turned south and around 9:55 dropped by 0.21 percent.
After yesterday the S&P 500 recorded its lowest level since the beginning of June this year, today in Asia there was no dominant trend on the stock markets (Japanese Nikkei 225 +0.2%, Australian All Ordinaries +0.22%), while In Europe, approx. 9:45 The German DAX was losing 0.16 percent and the French CAC 40 was falling by 0.08 percent. However, there was a strong rebound on the WSE after 4 sessions of decline (2.16% around 10:05).