Weekly Crypto Market Report
The Dow Jones Index faced rejection around 35k levels thrice. Weekly close above 35k should
indicate the continuation of uptrend else we would see some profit booking. There could be a
correction of 20-25% from current level.
GOLD
Falling channel pattern on RSI indicates Gold is in accumulation zone. Similar pattern can be
seen from the year 2010 to 2014, post which Gold formed a rounding bottom and resumed the
uptrend.
BITCOIN
RSI is one of the leading indicators and the breakout on RSI indicates the buying momentum to
continue in Bitcoin. As highlighted in the chart below, $41273 and $29247 are the Resistance and
Support levels to be watched.
ETHEREUM
Ethereum is appearing strong compared to Bitcoin, it took support and is trading above the
trendline. Altcoins from DEFI and NFT space should outperform Bitcoin in the coming week.
In conclusion…
The Stock market may see profit booking and correct 20-25% from current level in coming months. Bitcoin and Crypto markets should see a pullback rally. If stock markets correct, Crypto markets too shall correct.
The short term weekly trend for Crypto markets looks Bullish. Below are the highlights of the
week
● JPMorgan allows retail customers to buy crypto
● Ethereum 2.0 Devs introduce EIP-3675
● Elon Musk confirms Tesla and SpaceX owns Bitcoin
● Tesla may again start accepting Bitcoin as payment
● Amazon is looking to hire a digital currency lead
LINK, BAND, ENJIN and SANDBOX appear strong against Bitcoin.
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