{"id":19548,"date":"2024-02-28T13:26:41","date_gmt":"2024-02-28T21:26:41","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19548"},"modified":"2024-02-28T13:26:41","modified_gmt":"2024-02-28T21:26:41","slug":"bitcoin-flirting-with-all-time-highs-pce-futures-trading-levels-for-02-29-24","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/bitcoin-flirting-with-all-time-highs-pce-futures-trading-levels-for-02-29-24\/","title":{"rendered":"Bitcoin Flirting with All time highs, PCE + Futures Trading Levels for 02.29.24"},"content":{"rendered":"
Get Real Time updates and more by joining our Private Facebook Group<\/a>!<\/span><\/div>\n
Subscribe to our\u00a0YouTube Channel<\/a><\/span><\/div>\n
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PCE, Bitcoin and More<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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Heads up:\u00a0<\/strong><\/p>\n

Keep an eye out tomorrow (7:30 A.M., Central Time) for the release of the Fed\u2019s preferred U.S. inflation gauge: the\u00a0PCE Personal Consumption & Expenditures Price Index.\u00a0 The consensus is that the January core PCE deflator will ease to 2.8% year-over-year from the 2.9% reading December.<\/p>\n

General:\u00a0<\/strong><\/p>\n

By and large, the outlook for the global economy is improving.\u00a0 In China, the business storm clouds are at least not bucketing down on the county\u2019s overall fiscal house.\u00a0 Report after economic report released in the U.S. continue to validate forecasts of a future \u201csoft landing,\u201d or better \u2013 plain ol\u2019 get up and go.\u00a0 To that end, A.I. euphoria dominates the conversation about what\u2019s driving things.\u00a0 Even the disappointment surrounding the Fed\u2019s patience in deciding when interest rates should be lowered hasn\u2019t disturbed the current frame of mind.\u00a0 Keep an eye out for commodities sitting on major lows, such as corn and soybeans.\u00a0 Even with forecasts for a large South American harvest and a stage set for a strong crop year in the U.S., global growth begets global demand and \u201cbargain price\u201d commodities may be ready to mount rallies.<\/p>\n

Crypto:\u00a0<\/strong><\/p>\n

Bitcoin\u2019s value has been on an impressive rise over the past month, and CME Bitcoin futures<\/a> (\u201cFull-size\u201d-5-Bitcoin contract, 1\/50-Micro Bitcoin contract) have lead the way, with the March Micro Bitcoin<\/a> contract hitting $65,000 during morning trading today, well above the $57,000 range highs posted in Nov. 2021.\u00a0 Open interest for the full-size contract came in at a nominal value of $7.77 billion, which is nearly a third of the market share for all Bitcoin market derivatives \u2013 more than Binance ($6.1 billion); more than Bybit ($4.1 billion).\u00a0 These values surpassed past records set in both 2021 and 2017.<\/p>\n

At present, the open interest figures for bitcoin futures have reached an all-time high of\u00a0$24.44 billion\u00a0as of Feb. 27, 2024.<\/p>\n

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Energy:\u00a0<\/strong><\/p>\n

Did you know the U.S. is currently producing around 13.3M barrels of crude per day, which is way more than any country on the globe, including Saudi Arabia at \u00b18.9M barrels per day (as of Dec. \u201923). The output growth has helped tame gas prices and, perhaps more importantly, undermined the influence of OPEC and Russia following the invasion of Ukraine in 2022.<\/p>\n

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Producers also know that while times are good, demand can come down or eventually plateau, especially with the U.S. currently exporting more oil than nearly every member of OPEC. Remember the 2014-16 downturn, which hammered the industry and was largely driven by a supply glut.<\/p>\n

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Plan your trade and trade your plan<\/a><\/p>\n

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Daily Levels for February 29th, 2024<\/h3>\n

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Economic Reports<\/strong><\/div>\n
provided by:\u00a0<\/a>ForexFactory.com<\/a><\/div>\n
All times are Eastern Time ( New York)<\/div>\n
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Improve Your Trading Skills<\/h2>\n

Get access to proprietary indicators and trading methods,\u00a0consult with an experienced broker<\/a> at 1-800-454-9572.<\/p>\n

Explore trading methods.\u00a0Register Here<\/a><\/p>\n

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel     PCE, Bitcoin and More By Mark O’Brien, Senior Broker   Heads up:\u00a0 Keep an eye out tomorrow (7:30 A.M., Central Time) for the release of the Fed\u2019s preferred U.S. inflation gauge: the\u00a0PCE Personal Consumption & Expenditures Price […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,1243,1434,231,76,230,30,61,234],"tags":[1481,1480,1475,1471,1469,1467,1468,1474,1472,1477,1478,1476,1479,1470,1473,1172,1239,40,627,1277,36],"class_list":["post-19548","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-bitcoin-futures","category-charts-indicators","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-futures-broker-2","category-futures-trading-2","category-trading-guide","tag-cbot","tag-comex","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-futuresmarket","tag-futurestrader","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader","tag-cme","tag-commodities","tag-daytrading","tag-futures","tag-globex","tag-gold"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=19548"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19548\/revisions"}],"predecessor-version":[{"id":19550,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19548\/revisions\/19550"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}