WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index gained 3.35% for the week and has reached the resistance level around 16,800 levels. It is expected to continue the upward momentum, the immediate support is expected at 15,700 level and immediate resistance is expected around 16,800 levels
The top gainers for the week were Docusign, JD.com & Costco gaining 12%, 5% and 5% respectively
The tech stocks and crypto markets are appearing strong as the dollar index has weakened. The uptrend in risk on assets like Nasdaq and Crypto will continue till the dollar index is weak. The rally is expected to continue till the end of December 2023.
CRYPTO
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market continues to stay in the GREED zone. Compared to last week, the Fear & Greed Index has decreased from “74” to “65”.
BITCOIN
aSOPR
aSOPR for this week is equal to 1 which means investors are selling their Bitcoins at breakeven.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
Net deposits on exchanges are low compared to the 7-day average. Lower deposits can be interpreted as lower selling pressure.
Bitcoin chart
$BTC corrected by -5.51% in the last week, it is expected to recover and continue the upwards momentum. The immediate support is expected at $38,000 and resistance is expected at $48,000.
ETH/BTC
ETH/BTC has been on a downtrend since the start of the year 2023. It corrected by 1.19% against BTC in the last week. The immediate support is expected around 0.050 and resistance is expected at 0.060 levels. ETH looks very attractive at this point wrt risk-reward
Tokens with high Relative Strength in the market
The top gainers for the week were Mobile, ICP & Bonk tokens gaining 840%, 79% & 78% respectively
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