WEEKLY CRYPTO MARKET REPORT

 

NASDAQ – Global leading Tech Index

The NASDAQ Index gained marginally(0.62%) during the last week and has broken out of the flat consolidation. We could expect  fresh buying from here on. The immediate support is expected at 16,800 level and immediate resistance is expected around 17,770 levels in the coming week

The top gainers for the week were Netflix, Fortinet and Comcast gaining 18%, 8.5% and 7% respectively.

The Tech stocks are expected to resume the upward trajectory after some initial profit booking.

 

CRYPTO

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index has remained unchanged at  “55”

 

BITCOIN – aSOPR

aSOPR for this week is equal to 1 which indicates that the  investors are selling their Bitcoins at breakeven levels.

 

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement. As per the above model, Bitcoin’s cycle top price prediction is around $1,10,000

 

BITCOIN RESERVE RISK

When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.

 

Bitcoin chart

$BTC price gained just over 1% in the previous week. Bitcoin’s chart is currently moving rather horizontally, consolidating  within a tight range. We could see a bounce back in Bitcoin price, the immediate support is expected at $36K and resistance is expected at $48K

 

ETH/BTC

ETH/BTC has been trading within the regression channel for a year now, it has bounced back from the bottom of the channel and has reached the supply zone. An immediate support is expected at 0.055 level and resistance is expected at 0.0625 levels

 

Tokens with high Relative Strength in the market

The top gainers for the week were MANTA, SUI and CFX tokens gaining 43.6%, 35.3% & 35.2% respectively

 

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