The cryptocurrency sector will be back in focus today as Bitcoin makes a bullish breakout to a new record high above $105,000.

1. Bitcoin is making a bullish breakout to a new all-time high above the round number at $105,000. Trend and momentum traders will be eager to be long of Bitcoin now. If buying spot Bitcoin is difficult for you, there are Bitcoin micro futures offered on the CME which are sized at only one-tenth of a Bitcoin. Bitcoin ETFs are also widely available, but these sometimes fail to track the underlying accurately, especially during strong bull markets like we have today.
2. Stock markets globally are mixed, but the tech-based NASDAQ 100 Index is rising bullishly after making a new all-time high last week. It is notably outperforming the broader S&P 500 Index to which it is usually very positively correlated. Trend and momentum traders will be interested in being long of the NASDAQ 100 which is available in futures and in more affordable ETFs such as QQQ.
3. In the Forex market, since today’s Tokyo open, the New Zealand Dollar has been the biggest gainer and the Japanese Yen the biggest loser, although the values are so relatively low as to be almost meaningless. The EUR/USD currency pair remains in a valid long-term bearish trend and made a bearish breakdown below the big round number at $1.0500 last week. The AUD/USD currency pair made a new 4-month low last week.

Cocoa futures rose very strongly last Friday to close a new 7-month high very close to a multi-year high price. Cocoa has seen a very strong increase in value over the past few weeks, and the market will remember the spectacular rally in Cocoa in 2023 which saw the price of the superfood triple within only 4 or 5 months. Trend traders will be interested in being long of Cocoa futures. Unfortunately for retail traders, the smallest Cocoa future available has a position size of $100,000 but there is a Cocoa exchange-traded commodity (ETC) ticker COCO available on the London Stock Exchange which is very affordable. The “ETC aims to replicate the Bloomberg Cocoa Sub Total Return Index (BCOMCCTR) by tracking the Bloomberg Cocoa Sub Excess Return Index.”

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