DOW JONES

Dow Jones Industrial Average surged above the 35,000 point over the last week. The daily chart continues to trade within the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,000.

GOLD

Gold gained marginally in the past week to edge above the $1,800 level. 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 rallied to edge close to $42,000 levels after consolidating between the $36K-38K levels for sometime. On the daily timeframe, BTC has broken from the descending channel pattern. Immediate resistance is expected at the $44,500 level and support is expected at $32,900.

ETHEREUM

Ethereum against Bitcoin strengthened considerably throughout the week. 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 momentum with the Dow Jones Industrial Average edging over 35,000 and S&P 500 Index closing 0.52% higher. Gold strengthened over the week crossing the $1,800 mark with growing inflation levels. The overall crypto markets bounced back with vigour and edged above $1.9 trillion in terms of Total Market Cap. Bitcoin surged above $41,900 amidst a pullback. Ethereum, too, grew stronger against Bitcoin. Altcoins followed Bitcoin to start a possible recovery cycle. 

The Indian Budget of 2022 had mixed reactions within the Crypto community with a positive reaction towards India’s acceptance in dealing with Digital assets however a high tax cut(30%) did not seem to go down well with many others. We believe that this is a landmark step towards a more accommodative environment where ambiguity on crypto transactions has been done away with the taxation rules on cryptocurrency being introduced. Although the Indian government has taken the right decision to tax crypto income, a lower rate would certainly benefit the entire ecosystem and also encourage more investors to look at crypto as a serious investment.

Following are the highlights of the week:-

• Solana Labs launches Solana Pay, a payments protocol for digital commerce.
• FTX is acquiring Japanese crypto exchange Liquid.
• Blockchain bridge Wormhole suffers possible exploit worth over $326M.
• Bored Ape Yacht Club creators in funding talks with Andreessen Horowitz.
• Japanese trading house Mitsui & Co. plans to issue cryptocurrency linked to gold prices.
• Treasury Department report warns that NFTs could be used in money laundering. 

ENJ, MANA and NEAR appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SAND gained 11.7% in the last week as compared to BTC gaining 8.5% in the same time period.

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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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Weekly Crypto Market Report

Dow Jones Industrial Average fell sharply over the week and closed below 34,300. The daily chart is trading extremely close to the megaphone support. The next resistance is expected at 35,500 and immediate support is expected at 34,000.

GOLD

Gold surged above $1840 over the week. The daily trend indicates Gold Futures traversing within the  triangle pattern. Next support is expected at $1760 level and next resistance is expected at $1880

BITCOIN

Bitcoin suffered heavily to plummet below $35,000 over the last 2 days. On the daily timeframe, BTC has broken down from the descending channel pattern. A key support is expected at the $30,140 level.

ETHEREUM

Ethereum against Bitcoin weakened in the last couple of 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 closed lower on Friday with the Dow Jones Industrial Average slipping by almost 1.3%, the lowest in 1 month, while S&P 500 Index closed 1.89% lower. Gold gained momentum over the week to strengthen its position above the $1,800 level. The overall crypto markets bled heavily in the last couple of days to drop by $450 Billion in terms of Total market cap. Bitcoin plummeted to $34K levels with the strengthening of the US Dollar. Ethereum slid to $2,300 and other Altcoins followed suit and took a huge beating. 

After a bounce back to $44K from $40K levels last week, BTC plunged below $35K. The US stock markets have been trading sideways since May 2021 and have reached the demand zone. Dollar index is showing weakness after a rally since May 2021. The Commodity markets especially Gold and Silver are showing strength. Crypto markets have corrected around 50% from it’s All time high levels. Bitcoin has reached an extreme oversold zone. This amounts to a favourable situation for the overall markets to bounce back and poses an opportunity to invest or add fresh capital into the  crypto markets

.

Following are the highlights of the week:-

• Crypto.com loses $15m worth of Ethereum in a hack.
• Crypto ATMs halted in Singapore after a marketing clampdown.
• Google is considering letting users store crypto in digital cards.
• Meta is working on plans to allow users to create and sell non-fungible tokens.
• Solana-based ‘move-to-earn’ startup STEPN raises $5 million in SAFT sale.
• Bulgaria is exploring options for crypto payment mechanisms. 

DEP, MANA and COTI appear strong against Bitcoin and may outperform it in the weeks to come.

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Weekly Crypto Market Report

Dow Jones Industrial Average corrected marginally over the week and closed below $36,000. The 4-hourly chart can be seen moving within a triangle pattern. Immediate resistance is expected at $36,550

GOLD

Gold gained back momentum to close above $1800 level. The daily trend indicates Gold Futures traversing within the  triangle pattern. Immediate support is expected at $1720 level and resistance is expected at $1880

BITCOIN

Bitcoin bounced back to $44K level after plunging below $41K. On the daily timeframe, BTC continues to trade within a descending channel pattern. Immediate support is expected at the $40,000 mark.

ETHEREUM

Ethereum too gained back momentum with buyers taking huge positions below $3,100 level. The weekly trend pattern is still trading at the support level. Immediate support is expected at $2,730

In conclusion…

The overall stock markets closed lower on Friday with the Dow Jones Industrial Average sliding down by almost 0.5% while S&P 500 Index closed 1.4% lower. Gold regained its position over the $1,800 level while gaining momentum over the last week. The overall crypto markets bounced back after taking a heavy toll since the end of December 2021. Bitcoin recovered back to $44K levels over the week after plummeting to sub $41K level. Ethereum and other Altcoins followed suit behind Bitcoin and regained lost momentum. The crypto markets saw buyers and large investors take positions in Bitcoin and other major Altcoins.

As predicted last week, after several days of correction, the crypto markets have bounced back and gained back some lost ground. We saw buying momentum and volumes picking up for Bitcoin and other major Altcoins. With the US inflation reaching a 40-year high of 7%, the crypto market saw an increase in the inflow of funds. The key support for Bitcoin remains at $40K and a breakout above $45,000 could see a surge ahead for BTC.

Following are the highlights of the week:-

• Neobank N26 is planning to launch a crypto trading business this year.
• Costa Rica hydro plant gets new lease on life from crypto mining.
• Jack Dorsey spearheads a new fund to defend Bitcoin developers against legal action.
• Turks pile into Bitcoin and Tether to escape plunging Lira.
• Torus Kling blockchain to launch India’s first Bitcoin ETFs.
• Rio-de-Janeiro Mayor announces that the city will put 1% of its treasury into cryptocurrency. 

FTM, MINA and ADA appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, LUNA gained 30% in the last week as compared to BTC gaining 4% in the same time period.

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Weekly Crypto Market Report

Dow Jones Industrial Average corrected marginally over the week to close just below $36,300. The daily chart can be seen trading close to the support levels. An immediate support is expected at $36,000.

GOLD

Gold was passive over the week and slipped below  $1800 level. The weekly trend indicates Gold Futures traversing within the  triangle pattern. Immediate support is expected at $1720 level and resistance is expected at $1880

BITCOIN

Bitcoin weakened further and slid below $41,000 levels after the Federal Reserve re-confirmed plans to hike the interest rates. On the daily timeframe, BTC can be seen trading within a descending channel pattern. Immediate support is expected at the $40,000 mark.

ETHEREUM

Ethereum followed suit behind Bitcoin and slid below $3,100. The weekly trend pattern is trading at the support level. Immediate support is expected around $2,730

In conclusion…

The overall stock markets had a mixed week with the Dow Jones Industrial Average closing 50 points lower and dropping by 0.2%. Gold Futures weakened over the week, sliding to sub $1,800 levels. The overall crypto markets took a heavy beating with Bitcoin plummeting to sub $41K levels. The week saw huge selling volumes with the Federal reserve re-confirming the hike in interest rates. Ethereum and other Altcoins followed suit behind Bitcoin and slid massively amidst heavy liquidation.

We can expect a bounce back in the crypto markets after a continuous 7-day correction. Bitcoin has a key support at $40K and a dip below this level could see Bitcoin and other Alts tumbling further. After the hawkish comments by the Federal Reserve, the crypto markets have essentially been passive. Having said that, the fundamentals look promising. Infact, most of the large and long term investors have made use of this opportunity and increased their investments in the crypto portfolios.

Following are the highlights of the week:-

• Opensea raises $300m in Series C funding at a $13.3 billion valuation.
• Bitcoin mining pool hashrates fall amid Kazakhstan internet shutdown.
• Thailand’s crypto traders to be subject to 15% capital gains tax.
• Samsung enters the metaverse, opening its flagship 837 store in Decentraland.
• GameStop entering NFT and cryptocurrency markets as part of a turnaround plan.
• PayPal explores launch of its own stablecoin in crypto push. 

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

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