Weekly Crypto Market Report

Dow Jones Industrial Average had a strong performance over the week to close above $36,300. The daily chart continues to tread within a megaphone pattern. The immediate resistance is expected at $36,700 and next support is expected at $34,545.

GOLD

Gold climbed up marginally and continued to trade above the  $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

Earlier in the week, Bitcoin had crossed the $52K mark before sliding down to sub $47K levels. On the 4-hourly timeframe, BTC can be seen trading above the pattern. Immediate support is expected at the $40,000 mark and next resistance is expected at $52,000 levels.

ETHEREUM

Ethereum against Bitcoin continued to consolidate around the 0.08 level. The daily trend pattern is trading above the support level. Immediate support is expected around 0.078 and next resistance at 0.088 levels

In conclusion…

The overall stock markets had a positive week with the Dow Jones Industrial Average making a new All time high and ending the week above $36,300. Gold Futures weakened slightly, however continued to trade above $1800. The overall crypto markets had recovered marginally the last few days. Earlier in the week, Bitcoin surged to $52K before sliding down to sub $47K level. Ethereum against Bitcoin appeared to be consolidating at the support level. 

With Dow Jones making a new All time high, we can expect Bitcoin and other Altcoins to follow suit since the crypto markets usually tend to emulate the stock markets. The Crypto market is poised for a strong run from here on.

Following are the highlights of the week:-

• Bitcoin mining firm Marathon orders nearly $900 million worth of new machines.
• ProShares files Metaverse Theme ETF with SEC.
• Kraken to develop an NFT marketplace offering token-backed loans.
• Crypto exchange Binance gets in-principle nod from Bahrain.
• Korean crypto exchange ‎Coinone will no longer allow withdrawals to unverified external wallets.
• Mexico plans to issue a CBDC by 2024, the government confirms. 

AVAX, SXP and CHR appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report FTM gained 25% in the last week as compared to BTC achieving (-)6% in the same time period

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

Weekly Crypto Market Report

Dow Jones Industrial average corrected marginally after a strong week. The daily chart
continues to traverse within a megaphone pattern. The next resistance is expected at $36,100
and immediate support is expected at $35,150.

GOLD

Gold continued to consolidate around the $1800 level. The weekly trend indicates Gold Futures
traversing within a triangle pattern. Immediate support is expected at $1720 level and resistance
is expected at $1880

BITCOIN

Bitcoin continued on a downtrend over the week with a minor gain due to the FOMC
announcement. On the daily timeframe, BTC can be seen treading along a descending channel
pattern. Support is expected at the $45,540 mark and next resistance is expected at $49,500.

ETHEREUM

Ethereum continues to be strengthening its position against Bitcoin. The daily trend has given Flag
pattern breakout. Immediate support is expected around 0.078 and next resistance at 0.088 levels

In conclusion

The overall stock markets had a strong week before ending low in the last 2 days. Dow Jones
Industrial Average closed 1.8% lower on Friday. Gold continued to consolidate around the $1800
levels. The overall crypto markets were on a downtrend over the week with Bitcoin rallying
marginally with the FOMC announcement regarding interest rate hike. Ethereum continued to
strengthen against Bitcoin. Ethereum has frequently been retesting the $4000 level and is
expected to make strong bullish move from here

In retrospect, with the announcement of the FOMC last week, it is clear that the Fed is looking at
curtailing the increasing inflation and ending the bond purchase program by early 2022.
Bitcoin shortly bounced back to inch closer towards the $50,000 level before marginally correcting
down to sub $48,000 levels. ETH has been continually trading near the $4,000 levels and now with
the Fed event behind us, we can expect increasing trading volumes in the crypto market, which
had been rather passive over the last couple of weeks. We also expect fresh money to be pumped
in. The market fundamentals are intact and we are definitely in the bull territory with some altcoins
presenting an excellent risk-reward entry with opportunities galore to deploy fresh capital.
Following are the highlights of the week:-

● Cryptocurrency platform FTX will pay Golden State Warriors $10 million for global right.
● Idaho Central Credit Union launches NYDIG bitcoin services via Alkami platform.
● LionTree explores accepting cryptocurrency as payment for services
● Federal regulator says credit unions can partner with crypto providers.
● Kraken Ventures raises $65 million for early stage fund to invest across the crypto & fintech
ecosystem.
● Paraguay’s Senate approves a proposal regulating crypto mining and trading.

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

Disclaimer: The opinions expressed in the report are for general informational purposes only and are not intended to
provide specific advice or recommendations for any individual or on any specific security or investment product.

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

Weekly Crypto Market Report

Dow Jones Industrial average had a superior week gaining close to 4% over that period. The daily chart can be seen moving within a megaphone pattern. The next resistance is expected at $36,500.

GOLD

Gold continued to consolidate around the $1780 level. The daily trend indicates Gold Futures traversing within a triangle pattern. Immediate support is expected at $1750 level

BITCOIN

Bitcoin lost ground over the week with the overall crypto markets being passive during the same period. BTC is trading at the trendline and a bounce back is expected soon. Support is at the $41,600 mark.and resistance is expected at $52,000.

ETHEREUM

Ethereum continued to remain bullish against Bitcoin. The daily trend had broken out of the previous resistance. Immediate support is expected around 0.077 and next resistance at 0.085 levels

In conclusion…

The overall stock markets had a superior week. Dow Jones Industrial Average closed 0.6% higher on Friday. Gold continued to consolidate around the $1780 levels. The overall crypto markets experienced another series of corrections over the week with Bitcoin eventually ending the day at $50K and supply over exchanges reaching a 3 year low. Ethereum continued to remain bullish against Bitcoin. Ethereum has frequently been retesting the $4000 level and is expected to make strong bullish move from here

Following are the highlights of the week:-

• Visa launches crypto consulting services in push for mainstream adoption.
• The NFT market has officially surpassed $15B in secondary sales combined across a variety of categories.
• MicroStrategy has purchased an additional 1,434 bitcoins for $82.4 million in cash.
• Polygon acquires ZK-rollups startup Mir Protocol for $400 million.
• Coinbase launches high-interest DeFi yields to 70 countries.
• Binance is in talks with Indonesia’s richest family and a state-owned telecom operator for a venture. 

GALA, DOT and ADA appear strong against Bitcoin and may outperform it in the weeks to come. 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

Weekly Crypto Market Report

Dow Jones Industrial average gained momentum over the last 2 days ending on a high note on Friday. The weekly chart can be seen moving within a channel pattern. Immediate support is expected at $33,500

GOLD

Gold continued to remain timid with the price remaining below the $1800 level. The daily trend indicates Gold Futures traversing within a channel pattern. The next resistance is expected at $1900.

BITCOIN

Bitcoin plunged below $50,000 levels with the global crypto markets experiencing a major crash. BTC could be seen retesting the pattern on the daily timeframe. If prices fall beyond this levels, we could expect next support at $43,500 mark.

ETHEREUM

Ethereum remained ever so strong against Bitcoin. The daily trend broke out of the channel pattern. Immediate support is expected around 0.077 and next resistance at 0.085 levels

In conclusion…

The overall stock markets recovered marginally after the Omicron variant sent the markets tumbling last week. Dow Jones Industrial Average closed 1.8% higher on Friday. Gold continued to consolidate around the $1780 levels. It was a bloodbath in the overall crypto markets with Bitcoin plunging below $50K. Ethereum continued to remain strong against Bitcoin with increasing adoption of DeFi applications. Major Altcoins corrected sharply along with Bitcoin

Following are the highlights of the week:-

• Croatia’s top food retailer introduces payment in cryptocurrencies.
• Silk Road founder Ross Ulbricht to launch NFT collection.
• Coinbase has $30 billion in crypto assets staked across 25 blockchain.
• Goldman Sachs, other wall street banks exploring Bitcoin-backed loans.
• Crypto investment firm Maven 11 Capital closes $120m fund.
• Bitmart hacked for $200 million. 

CHR, REN and ETH appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report LUNA gained 75% in the last week as compared to BTC achieving (-)10% in the same time period

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today