DOW JONES
The Dow Jones Index is facing a lot of pressure around 35k levels. Weekly close above 35k
should indicate the continuation of uptrend else we would see some profit booking in the coming
week.
GOLD
Gold is showing strength and is able to sustain above the trendline. Daily close above $1835 may lead to buying momentum.
BITCOIN
Though the volume cannot be seen but Weekly close above the trendline will get Bitcoin back into
the Bull’s territory. Rejection from the trendline should make Bitcoin weak in the short term.
ETHEREUM
Ethereum is appearing strong compared to Bitcoin, it is taking support and is trading above the
trendline. Altcoins should outperform Bitcoin as long as Ether trades above the trendline as shown
below.
In conclusion…
The Stock market may see profit booking from current levels in the coming weeks. Bitcoin and
Crypto markets saw a pullback rally. If the stock market stays stable, we can see crypto markets
continuing the rally.
The short term weekly trend for Crypto markets looks Bullish. Below are the highlights of the
week
● Grayscale funds are now available via wealthfront
● State street to offer crypto services to private fund clients
● Bank of America invests in PAXOS, a New york based blockchain firm
● Paypal’s crypto “super app” set to roll out soon, post which 350 million users can invest
in crypto.
LINK, DOT, ZIL and VET appear strong against Bitcoin. As mentioned in our previous weekly
report, Link gained 30% in the past week compared to Bitcoin gaining 20% in the same time
period.
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