skip to page content

Bitcoin Rises As Oil Drops

Jeremy Lutz - MarketClub

Loading the player...

Hello traders everywhere. Bitcoin's meteoric rise has continued through the long holiday weekend. When the markets closed on Wednesday Bitcoin had just surpassed 8K to hit an all-time high of $8,281.62. Much to my surprise this morning it had breached 9k to hit an all-time high of $9,725.26 in early hours trading.

Trading volumes rose to 5.4 billion yesterday, the highest level since Nov. 13 - adding credence to the rally's sustainability. Furthermore, Google search volumes for the term bitcoin" have spiked again.

So, the technical chart looks more bullish than ever, with prices likely to soon test $10,000 levels - and perhaps beyond.

Crude Oil had dropped over 2% in early hours trading before backing of the low of the day and trading down a little over 1% on the day. The drop comes on the heels of a rise to the highest level in 2 years.

The recent weakness is due to U.S. drillers expanding operations while OPEC and Russia prepare to discuss longer supply curbs in a meeting later this week.

Key levels to watch next week:
S&P 500 (CME:SP500): 2,557.45
Dow (INDEX:DJI): 23,242.75
NASDAQ (NASDAQ:COMP): 6,667.31
Gold (NYMEX:GC.Z17.E): 1,285.10
Crude Oil (NYMEX:CL.F18.E): 58.99
U.S. Dollar (NYBOT:DX.Z17.E): 95.07
Bitcoin (CME:BRTI): 5,645.66

Back to videos

Get Started With Your 30-Day MarketClub Trial Right Now

Get Started

© Copyright MarketClub™ All rights reserved | User Agreement

U.S. Government Required Disclaimer—Commodity Futures Trading Commission
Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41—HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

All trades, patterns, charts, systems, etc., discussed in this advertisement and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the MarketClub™ methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her background, dedication, desire, and motivation.