DOW JONES

The Dow Jones Industrial Average remained fairly flat in the last week, consolidating around the 34,500 level. 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 has gained two weeks in succession. The weekly trend for Gold Futures has retested the triangle pattern after breaking out of it earlier. Immediate resistance for Gold futures is expected at $2,078.

BITCOIN

Bitcoin has been consolidating around the $40K-$41K levels. On the daily timeframe, the BTC trend has bounced-off from the bottom of the ascending channel pattern and is moving ahead making higher lows. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600.

ETHEREUM

Ethereum slid marginally over the week. The weekly trend for ETH is retesting the pattern following a breakout. The next resistance for ETH is expected at $3,450 and next support is expected at $2,450.

In conclusion…

The overall stock markets lost some ground over the week with the Dow Jones Industrial Average closing 0.33% lower on Thursday while S&P 500 Index lost 1.27% at close. Gold has been on the charge since the last two weeks as it gained 2.5% in that period. The overall crypto markets remained fairly neutral over the week with the Total crypto market cap settling around the $1.9 trillion level. Bitcoin, Ethereum and most of the major Altcoins have been consolidating around the current levels since almost a week.

US recently reported that its inflation rate was at a 40-year high, currently standing at 8.5%. The crypto market was fairly unaffected by this latest report. Meanwhile, the Bitcoin whale activity has been at its peak since a few weeks with institutions like Microstrategy and Terra(LUNA) accumulating increasing amounts of Bitcoin. This has largely contributed towards BTC remaining strong around $40K. 

Following are the highlights of the week:-

• Middle East’s largest alternative asset manager starts raising blockchain fund.
• Mastercard files for more than a dozen metaverse and crypto trademarks.
• Indian investors alarmed as crypto exchanges block transfer network.
• Nexo and Mastercard launch ‘world first’ crypto-backed payment card.
• Ethereum merge pushed to Q3 as ‘final chapter’ of Proof-of-Work looms.
• Amazon CEO says not adding cryptocurrency as payment option anytime soon. 

EOS, FTT and GRT appear strong against Bitcoin and may outperform it in the weeks to come. 

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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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DOW JONES

The Dow Jones Industrial Average’s performance over the past week remained fairly unchanged. The daily chart indicates a retesting of the pattern at the breakout level. The next resistance for Dow Jones is expected at 35,600 and the next support is expected at 32,300.

GOLD

Gold slid marginally through the week, closing below $1,950. The trend for Gold Futures is retesting the breakout levels on the daily timeframe. Immediate resistance is expected at $2,078.

BITCOIN

Bitcoin had edged over $48K during the week before sliding to $46,000. On the daily timeframe, the BTC trend can be seen retesting the previous breakout level. The next resistance is expected at $48,600 and next support is expected at $34,200 level.

ETHEREUM

Ethereum gained over 7% against Bitcoin over the week. The daily chart for ETH-BTC has broken out of the triangle pattern and its previous resistance of 0.075. The next resistance is expected at 0.078 and next support is expected at 0.0653.

In conclusion…

The overall stock markets remained fairly flat over the week with the Dow Jones Industrial Average closing 0.4 % higher on Friday and S&P 500 Index gaining 0.34% at close. Gold slid marginally dropping by 1.5% over the past week to fall below $1,950 as the US dollar strengthened. The overall crypto markets remained positive with Total crypto market cap gaining close to 1.4% and edging over the $2.1 trillion level. Ethereum grew stronger against Bitcoin gaining almost 7% in the past week as Bitcoin dominance index fell below 42% for the first time since the start of February 2022

Bitcoin had nearly edged over its resistance level of $48,600 but faced rejection as selling volumes proliferated and traders booked profits at the resistance level, which saw a minor correction in prices. Meanwhile, some of the major Altcoins like Cardano(ADA) and Aave(AAVE) have recently proved to be good investment bets. Cardano’s Total value locked(TVL) skyrocketed recently and with Coinbase enabling staking for Cardano, the future looks promising for the project. AAVE on the other hand announced a critical upgrade, bringing about a resurrection of the token from dullsville. 

Following are the highlights of the week:-

• Legendary Rapper Snoop Dogg To Launch NFT Collection On Cardano.
• Goldman Sachs to launch crypto services to high net worth clients in Q2, 2022.
• European Union passes privacy-busting crypto regulation.
• Coinbase said it is near deal to buy the owner of Brazil’s largest crypto exchange.
• US lawmakers introduce ‘Ecash’ bill in new push to create a digital dollar.
• Bybit & Crypto.com to set up head offices in Dubai. 

CTSI, LUNA and AUDIO appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, CHR gained 31% in the last week as compared to BTC gaining (-)1% in the same time period.

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DOW JONES

The Dow Jones Industrial Average remained fairly neutral and consolidated around 34,500 over the week. The daily chart has given a breakout from the triangle pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.

GOLD

Gold gained marginally closing above $1,950. The monthly trend for Gold Futures indicates  a breakout from  a cup and handle pattern. Immediate resistance is expected at $2,078.

BITCOIN

Bitcoin rallied to $45,000 after buying momentum picked up during the week. On the daily timeframe, the BTC trend is trading at the resistance level. Immediate resistance is expected at $45,300 and next support is expected at $34,200 level.

ETHEREUM

Ethereum rose marginally against Bitcoin over the week. The daily chart for ETH-BTC has broken out of the triangle pattern. The next resistance is expected at 0.075 and immediate support is expected at 0.0653.

In conclusion…

The overall stock markets remained fairly neutral over the week with the Dow Jones Industrial Average closing 0.44% higher on Friday and S&P 500 Index gaining 0.51% at close. Gold jumped up marginally and gained 1.3% over week to edge above $1,950. The overall crypto markets gained close to 9% and reclaimed the $2 trillion level after nearly two months. Bitcoin surged to its resistance level but could not continue its momentum to break above. Ethereum and the major Altcoins marginally outperformed bitcoin through the week.

The crypto tax law was passed in India, recently, amidst an uproar from the industry as the amendments suggested by the crypto community were not taken into consideration. This could make crypto trading and investing in India, highly unfavourable. Meanwhile, globally the amount of Bitcoin and Ethereum on exchanges has been gradually hitting new lows, an indication that the assets are being moved into hard wallets and a supply crunch is imminent in the coming days. This could well be the start of a new bull cycle. 

Following are the highlights of the week:-

• El Salvador postpones Bitcoin bond issue, expects better conditions.
• FTX invests $100M in banking app Dave, forms partnership for crypto payments .
• The Florida governor says the state will accept Bitcoin for tax payments.
• Thailand to ban use of digital assets as payments from April – SEC.
• Bank of England began sketching out a regulatory approach to crypto.
• India’s stiff crypto tax legislation becomes law as the bill is passed. 

COTI, CHR and ENJ appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, EGLD gained 18% in the last week as compared to BTC gaining 8% in the same time period.

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DOW JONES

The Dow Jones Industrial Average kept rising throughout the week gaining 5.5%. The weekly chart is on the verge of a breakout from the triangle pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.

GOLD

After rallying to nearly $2,080, Gold slid down below the $2K mark. The monthly trend, however, shows a promising sign as the trend has formed a cup and handle pattern. Immediate resistance is expected at $2,078.

BITCOIN

Bitcoin jumped up by over 10% in the last week to edge closer to $42K. On the daily timeframe, BTC continues to traverse within a triangle making higher lows. The next resistance is expected at $44,500 and immediate support is expected at $34,200 level.

ETHEREUM

Ethereum gained against Bitcoin over the past week. The daily chart for ETH-BTC has broken out of the triangle pattern. Immediate support for ETH against BTC is expected at 0.0653.

In conclusion…

The overall stock markets ended the week highly positive. The Dow Jones Industrial Average gained 5.5% in the week and closed 0.8% higher on Friday. Meanwhile, S&P 500 Index jumped by 1.17% at close. Gold declined over week to fall below $2,000 as the stock markets gained back momentum. The overall crypto markets gained over 10% over the week and edged above the $1.8 trillion level. Bitcoin rallied close to $42,000 continually making higher lows over the past few weeks. Ethereum and the other major Altcoins all remained fairly positive over the week.

Over the longer period, Bitcoin has been consolidating around the $39K to $42K levels. The crypto markets were expected to be volatile before the Federal Reserve’s meeting. However, the markets remained unfazed by the Fed’s interest hike of 25 BPS. Interestingly, the long-term Bitcoin holders have also remained fairly unnerved by the recent market volatility as the balance of BTC being held by HODLers made a new high. This inturn could trigger the next bull run as there would be a supply crunch soon. 

Following are the highlights of the week:-

• Europe’s landmark crypto bill passes parliamentary committee with wide majority.
• Dubai grants crypto exchange Binance a virtual asset licence.
• Ukraine’s Zelensky signs virtual assets bill into law, legalizing crypto.
• US Fed Reserve hikes interest rates by 25 basis points.
• Instagram is launching NFTs, Mark Zuckerberg confirms at SXSW.
• Bitcoin addresses holding 1-10 $BTC have been increasing over the past month. 

THETA, EGLD and CTSI appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, AUDIO gained 65% in the last week as compared to BTC gaining 11.2% in the same time period.

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