WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index saw a rejection from the resistance levels as seen in the chart, it corrected by 3.09% in the last week. The immediate support is expected at 15,500 level and immediate resistance is expected around 16,800 levels in the coming week
The top gainers for the week were Peloton, Marvel technology & Paypal gaining 10%, 3% and 3% respectively
The tech stocks and crypto markets would see some profit booking as the DXY looks oversold and a bounce back is expected in the dollar index.
CRYPTO
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market continues to stay in the GREED zone. Compared to last week, the Fear & Greed Index has increased from “65” to “71”
BITCOIN – aSOPR
aSOPR for this week is equal to 1 which means investors are selling their Bitcoins at breakeven.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement. As per the above model, Bitcoin’s cycle top price prediction is around $1,10,000
When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.
Bitcoin chart
ETH/BTC
ETH/BTC has been trading within the regression channel since a year now, it has reached the bottom of the channel and is expected to bounce back from here. An immediate support is expected at 0.050 level and resistance is expected at 0.055 levels
Tokens with high Relative Strength in the market
The top gainers for the week were GMT, STX & OSMO tokens gaining 21%, 21% & 15% respectively
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