DOW JONES
The Dow Jones Industrial Average did not see any significant movement during the past week. The daily chart for Dow Jones is traversing within a descending channel pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.
GOLD
Gold jumped up by 1.1% edging close to $1,950. The 4-hourly trend for Gold Futures has broken out of the triangle pattern. Immediate resistance for Gold futures is expected at $2,078.
BITCOIN
Bitcoin slid below $43K over the week. On the daily timeframe, the BTC trend can be seen traversing within an ascending channel pattern. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600.
ETHEREUM
Ethereum has been on the uptrend against Bitcoin since a few weeks. The 4-hourly trend for ETH-BTC is treading along the channel pattern. The next resistance is expected at 0.078 and next support is expected at 0.0653.
In conclusion…
The overall stock markets had a mixed week, overall with the Dow Jones Industrial Average closing 0.4 % higher on Friday while S&P 500 Index losing 0.27% at close. Gold gained over 1% over the past week with the rise in safe-haven demand for the precious metal. The overall crypto markets lost some ground over the week with the Total crypto market cap falling below the $2 trillion level. Bitcoin, Ethereum and other major Altcoins corrected marginally and remained fairly passive throughout the week.
Historically, the trend in the inflows and outflows of Bitcoin from exchanges has been a key indicator in determining a bull or a bear cycle. Currently, the outflow of Bitcoin from exchanges is on a steady upsurge. Going by the rate of BTC’s being withdrawn from the exchanges, on-chain data suggests that a strong bullish cycle is on the cards. And it is not just the institutional investors that are accumulating BTC, the addresses holding between 1 to 100 Bitcoins are on the rise. With this data, the overall crypto markets appear upbeat in the weeks to come.
Following are the highlights of the week:-
- MicroStrategy buys an additional $190 million worth of Bitcoin.
- Luna Foundation Guard buys a further $231 million of Bitcoin.
- SEC approves Teucrium Bitcoin Futures fund.
- UFC to start paying bonuses to fighters in cryptocurrency.
- Strike launches Shopify integration bringing Bitcoin Lightning payments to merchants.
- EU bans providing high-value crypto services to Russia.
- Google search volumes for crypto assets continue to decline.
MINA, THETA and COTI appear strong against Bitcoin and may outperform it in the weeks to come.
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