Weekly Crypto Market Report
Dow Jones Industrial Average recovered strongly to close above 34,700 on Friday. The daily chart continues to trade within the megaphone pattern. The next resistance is expected at 35,500 and immediate support is expected at 33,000.
GOLD
Gold dropped significantly over the last 3 days losing by 3.5% and closing below $1790. The daily trend indicates Gold Futures traversing within the triangle pattern. Immediate support is expected at $1760 level and next resistance is expected at $1880
BITCOIN
Bitcoin recovered back above $37,000 after taking a nose dive to sub $34K levels. On the weekly timeframe, BTC had broken down from the support level. The next key support is expected at the $30,140 level.
ETHEREUM
Ethereum against Bitcoin gained strength in the last few days. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.
In conclusion…
The overall stock markets gained some steam to close higher on Friday with the Dow Jones Industrial Average gaining 1.65% and S&P 500 Index closing 2.43% higher. Gold dropped significantly in the last few days to fall below $1,800 with fear gripping the Bullion markets due to the hawkish comments by the US Federal Reserve. The overall crypto markets recovered back marginally over the week and edged above $1.7 trillion in terms of Total Market Cap. Bitcoin gained back some momentum to go past $37K. Ethereum strengthened moderately against Bitcoin. Altcoins too looked to be on the path to recovery following the huge correction.
The recent Federal Reserve meeting kept the Interest rates unchanged which brought some relief to the Crypto markets. Bitcoin currently is trading almost 45% lower than its All time high of nearly $69K. The BTC dominance has been on a constant rise since the last 2 weeks or so to edge above 42%. A further upward momentum in the index could see Altcoins weakening for some more time. The RSI for Bitcoin remains in the oversold zone and we can expect Bitcoin to continue with a sideways movement for sometime before we expect a reversal in the trend. Considering the longer horizon, Bitcoin, Ethereum and other Alts are still in the early stage of adoption and acceptance. The prices can only go higher from here.
Following are the highlights of the week:-
- Thailand to regulate use of digital assets as payments.
- CoinShares lists the world’s first crypto ETPs with transparent staking rewards and reduced management fees.
- President Vladimir Putin backs a Russian government proposal to tax and regulate mining of cryptocurrencies.
- Amazon marketplace owners can now be bought out in crypto.
- LeBron James’s foundation enters multi-year partnership with Crypto.com.
- Google Cloud hiring team of blockchain experts: repor.
LINK, FTM and SAND appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, DEP gained 33% in the last week as compared to BTC gaining 9% in the same time period.
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