Bitcoin is going crazy, cocoa is the most expensive in 45 years

Bitcoin against the US dollar this morning broke the previously quite solid resistance level set in the zone of USD 31000-32000 before its local maximum from April this year. and July this year

Bitcoin breaks the price of USD 35000

Early morning our time BTC / USD exchange rate it even exceeded the USD 35000 level for a while, going out at 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 34000 level.

Courses BTC against the US dollar between June 2022 and March 2023 it amounted to approx. USD 15000 in the zone - approx. $25000 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 move" and then resumed its upward climb.

Overcoming the peaks from April and July this year. seems to open the way to a continuation of the increase towards the level of USD 40000 suggested by the size of the "head and shoulders" formation lowered 7 months ago.

Cocoa most expensive since 1978

Contract price for Kakao listed on ICE, slightly exceeding the level of its peak in March 2011 on Tuesday morning, today it 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, further growth 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 there is further long-term growth potential in this market, but of course this does not exclude the appearance of a strong medium-term correction of the last bull market on this market.

The yen is slightly strengthening

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. Today morning EUR / JPY exchange rate slightly exceeded the level of its peak at the end of August this year, and thus reached its peak the 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.

On the Warsaw Stock Exchange, however, something happened strong rebound after 4 sessions of decline (2,16 percent approx. 10:05).

Source: Wojciech Białek, OANDA TMS Brokers