WEEKLY CRYPTO MARKET REPORT

 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has changed from “63” to “62”. 

 

SOPR

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 1 which means the coins were sold at their purchase price

 

Is This The Start of the Bull Market?

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.

 

There are 993,715 addresses holding more than 1 BTC, its at All time high

 

Overall Market Performance

Nasdaq

The Nasdaq Index has been trading within the channel pattern for more than a decade, it  gained by over 3% in the previous week. The immediate support is expected at 12,500 and next resistance is expected at 13,200 levels.

 

Gold

Gold gained by 2% in the last week. It is retesting the support after breaking out of the $2000 level mark, the next resistance is expected at $2,050 and immediate support is expected at $1950. 

 

BTC

$BTC Price is consolidating within a tight range after breaking out of the ascending trendline. Bitcoin price support is expected at $26,500 and resistance is expected at $29,200

 

ETH

$ETH is approaching resistance levels of $2,000 mark, the immediate support is expected around 1450 level

 

Pick of the Week – $ENJ

 

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