Weekly Crypto Market Report

Dow Jones Industrial average had a passive week overall. The daily chart can be seen testing the support at around $35,200 level. Next resistance is expected at $36,500

GOLD

Gold has retracted slightly over the week after a strong run. However, the weekly trend can be seen breaking out of a Flag pattern. The next resistance is expected at $1890 and immediate support at $1820.

BITCOIN

Bitcoin slid sharply over the week falling past its previous support of $58,000 before bouncing marginally. BTC constantly tested its support level amid sell-offs for profit booking. We expect immediate resistance at $68,000 level and next support is expected at $53,000 mark.

ETHEREUM

Ethereum against Bitcoin continued to appear strong. The daily trend broke out of the triangle pattern settling at $0.074 level. Immediate support is expected around 0.071 and immediate resistance around 0.075 levels

In conclusion…

The overall stock market saw a sluggish week. Dow Jones Industrial Average closed the week 0.75% lower. Gold consolidated and settled around $1850 levels after a prodigious week which saw it surge past $1800. Bitcoin saw a major correction after its recent ATH with speculations of profit booking after the recent Taproot upgrade news took BTC past $69K. We expect a trend reversal with its RSI indicating that Bitcoin is close to being oversold. Ethereum remained strong against Bitcoin despite its correction and slide past $4,000. Major Altcoins also bore the brunt along with BTC and ETH but regained momentum as quickly.

Following are the highlights of the week:-

• Binance U.S. may raise ‘couple hundred million’ in funding, CEO says.
• Swiss Exchange’s new platform to use ‘revolutionary’ crypto tech for bond issuance.
• Bitso unveils new stablecoin tool for Mexico-US payments.
• TIME magazine to hold ETH on balance sheet as part of Galaxy Digital metaverse deal.
• Investors offer OpenSea $10B valuation in new round.
• Gemini crypto exchange seeks funding at $7 billion valuation 

ROSE, QKC and MATIC 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 retracted slightly last week after breaking out of the double bottom pattern. Immediate support is expected around $35,200 levels and resistance at $36,500

GOLD

Gold has broken upwards from the channel pattern and surged past its previous resistance of  $1830. The next resistance is expected at $1890 and immediate support at $1820.

BITCOIN

Bitcoin made a new All time high last week breaching the $69K mark for the first time. BTC has broken out of the Flag pattern and buying momentum is expected to continue. Immediate support is expected around $57,000.

ETHEREUM

Ethereum made a new ATH breaking the $4900 mark for the first time. ETH against BTC appears strong, breaking out of the descending channel pattern. Immediate support is expected around 0.070 and resistance around 0.079 levels

In conclusion…

The overall stock market remains positive despite a minor correction. Dow Jones Industrial Average made a new All time high last Monday. Gold surged past $1800 after consolidating at that level for quite some time and is slated for a bull run. Bitcoin made a new ATH crossing the $69K mark after days of consolidating at $60K. Bitcoin could break the 6-figure mark in Q4. Ethereum also marked a new all time high surging past $4900 and looks extremely bullish, laying grounds for the Altcoins to rally. The overall crypto markets are expected to move up from here with volatility.

Following are the highlights of the week:-

• Stablecoin lending yields more than twice as much as US junk bonds and almost 150 times as much as the average US savings account.
• India is said to take forward-looking steps on digital currency.
• SEC rejects VanEck Bitcoin spot ETF.
• Looking at a 30-day moving average, ETH’s net annual inflation is now under 1%.
• FTX US average daily volume grew 512% in Q3. 

BTT, FTT and WRX appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report AVAX gained 36% in the last week as compared to BTC achieving 7% in the same time period.

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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.

Weekly Crypto Market Report

Dow Jones Industrial average made a new All time high breaking out of the 6 months consolidation. Buying momentum is expected in stock markets. Immediate support is expected around 35,500 levels.

GOLD

The chart has broken upwards from the wedge pattern. The resistance is expected at  $1830 and support at $1760.

BITCOIN

After making a new ATH, Bitcoin has been consolidating around the $60k mark. BTC has been trending up forming repeated flag patterns, that’s a bullish sign. Buying momentum is expected to continue. Immediate support is expected around $58,000 and resistance around $67,000

ETHEREUM

Ethereum had a stupendous week marking a new ATH. ETH against BTC appears strong as it has cleared the resistance level of around $0.071. Immediate support is expected around 0.070 and resistance around 0.079 levels

In conclusion…

The overall stock market remains positive. Dow Jones Industrial Average made a new All time high and gained 0.57% on friday. Gold is sustaining around $1800 levels and expected to move upwards from here. Bitcoin continues to consolidate around the $60K mark, BTC whales have been instrumental in holding the prices strong. Ethereum marked a new all time high and looks extremely bullish, laying grounds for the Altcoins to rally. The overall crypto markets are expected to move up from here with volatility.

Following are the highlights of the week:-

• Bitcoin mining revenue jumps to its second-highest level ever, topping $1.72 billion in October
• OLB Group announces support for Mastercard cryptocurrency processing
• FTX US hires Gensler-era CFTC commissioner to spearhead lobbying
• CBA is the 1st Australian bank to offer crypto services
• Mayor-elect Eric Adams commits to make New York City more crypto-friendly
• SEC starts the clock for Grayscale Bitcoin ETF conversion, first possible date for approval is Dec 24

FTT, DOT and AVAX appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report TRX gained 2.7% in the last week as compared to BTC achieving 0.4% in the same time period.

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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.

Weekly Crypto Market Report

The overall stock market continues to remain positive. Dow Jones Industrial average made an All time high a couple of days back. The daily chart is traversing within an ascending channel pattern. The next resistance is expected at $36100 level.

GOLD

Gold remains steady around the $1800 levels. The chart has broken down from the ascending channel pattern. The resistance level remains at  $1925 and support at $1675.

BITCOIN

After making a new ATH, Bitcoin has been consolidating around the $60k mark. BTC has been forming a cup and handle pattern and support is expected at $58000 levels and next resistance is expected at $67,100.

ETHEREUM

Ethereum had a stupendous week breaking its previous ATH. ETH against BTC looked strong breaking out of the descending channel pattern and testing its resistance level of around $0.071. We may see a surge in the charts in the coming weeks.

In conclusion…

The overall stock market has been extremely positive. Dow Jones Industrial Average made an All time high and gained 0.25% on friday. Gold is down by a few points but is steady around $1800 levels. Bitcoin has been consolidating around the $60K mark. The BTC whales have been instrumental in holding the prices strong. Ethereum saw a great run in the last week, outperforming Bitcoin. With many experts believing that ETH is still undervalued, we could see Ethereum entering uncharted territory in the coming days.

Following are the highlights of the week:-

• El Salvador buys the dip, adds another 420 BTC. 
• Voyager Digital secures $75 million strategic investment from Alameda Research.
• Mastercard CEO cites ‘massive services opportunity’ following acquisition of crypto analytics firm.
• Richard Li, Winklevoss-Backed crypto fund seeks $300 million.
• NYDIG acquires British bitcoin startup Bottlepay in $300 million stock purchase.
• Patreon confirms it’s exploring crypto as a way for creators to make money.

TRX and CHZ appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report ETH gained more than 10% in the last week as compared to BTC achieving less than 1% in the same time period.

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.

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Weekly Crypto Market Report

The overall stock market had an impressive week or so. Dow Jones formed a double bottom pattern and has closed above the previous resistance of $35,500. We could see the market making a fresh bull run from here. The next resistance is expected at $36100 level.

GOLD

Gold is treading along the ascending channel pattern. However, Gold is yet to hold strong above $1800. The resistance level remains at  $1925 and support at $1675.

BITCOIN

Last week had a watershed moment with Bitcoin smashing its previous ATH of $67,000 mark and Bitcoin Futures ETF listing on the NYSE. BTC broke out of the channel pattern and retesting the support level at $60K level. Immediate resistance is expected at $68,100.

ETHEREUM

Ethereum saw some vigour in the last week. ETH broke out of the descending channel pattern on the daily chart. Immediate resistance remains at the $0.072 levels, breaking which we could see a strong rally in ETH.

In conclusion…

The overall stock market has been on a steady rise. Dow Jones Industrial Average went up by 0.21% to record a new high. Gold is treading along at $1800 levels but is unable to hold strong above that mark. Bitcoin had a majestic week of sorts with its Futures ETF listing on the NYSE and it breaking its previous ATH. Ethereum has shown indications of the start of strong bullish momentum which will trigger other Altcoins towards fresher rallies.

The last week has been rather good for the top crypto tokens with Bitcoin surging past $67K. Following are the highlights of the week:-

• Trump regulator gave quiet legal blessing to crypto trading by banks.
• Coinbase spent nearly $800K on lobbying in 2021’s third quarter as part of influence revamp.
• Bitcoin at your bank: NYDIG names first 2 firms to roll out BTC buys.
• Valkyrie Funds launches the Valkyrie Bitcoin Strategy ETF (BTF) focused on Bitcoin futures.
• Walmart has quietly begun hosting Bitcoin ATMs. 

ETH, SOL and LINK appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report CTSI, GRT and MATIC gained more than 14% in the last week as compared to BTC achieving -0.33% in the same time period.

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