Weekly Crypto Market Report
Dow Jones Industrial Average had a strong performance over the week to close above $36,300. The daily chart continues to tread within a megaphone pattern. The immediate resistance is expected at $36,700 and next support is expected at $34,545.
GOLD
Gold climbed up marginally and continued to trade above the $1800 level. The weekly trend indicates Gold Futures traversing within the triangle pattern. Immediate support is expected at $1720 level and resistance is expected at $1880
BITCOIN
Earlier in the week, Bitcoin had crossed the $52K mark before sliding down to sub $47K levels. On the 4-hourly timeframe, BTC can be seen trading above the pattern. Immediate support is expected at the $40,000 mark and next resistance is expected at $52,000 levels.
ETHEREUM
Ethereum against Bitcoin continued to consolidate around the 0.08 level. The daily trend pattern is trading above the support level. Immediate support is expected around 0.078 and next resistance at 0.088 levels
In conclusion…
The overall stock markets had a positive week with the Dow Jones Industrial Average making a new All time high and ending the week above $36,300. Gold Futures weakened slightly, however continued to trade above $1800. The overall crypto markets had recovered marginally the last few days. Earlier in the week, Bitcoin surged to $52K before sliding down to sub $47K level. Ethereum against Bitcoin appeared to be consolidating at the support level.
With Dow Jones making a new All time high, we can expect Bitcoin and other Altcoins to follow suit since the crypto markets usually tend to emulate the stock markets. The Crypto market is poised for a strong run from here on.
Following are the highlights of the week:-
- Bitcoin mining firm Marathon orders nearly $900 million worth of new machines.
- ProShares files Metaverse Theme ETF with SEC.
- Kraken to develop an NFT marketplace offering token-backed loans.
- Crypto exchange Binance gets in-principle nod from Bahrain.
- Korean crypto exchange Coinone will no longer allow withdrawals to unverified external wallets.
- Mexico plans to issue a CBDC by 2024, the government confirms.
AVAX, SXP and CHR appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report FTM gained 25% in the last week as compared to BTC achieving (-)6% in the same time period
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