WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index broke out of the consolidation and gained 0.54% for the week. It is expected to continue the upward momentum, the immediate support is expected at 15,700 level and immediate resistance is expected around 16,200 levels
The top gainers for the week were Lululemon, Docusign & Broadcom gaining 5%, 5% and 2% 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 remained unchanged at “74”.
BITCOIN
aSOPR
aSOPR for this week is greater than 1 which means investors are selling their Bitcoins at a profit.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
As OI decreases, it indicates investors are closing futures positions and there is a possibility of trend reversals.
Bitcoin chart
$BTC gained 9.55% in the last week, it is expected to 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 2.10% against BTC in the last week. We did see a bounce back from the support levels around 0.050 as expected. ETH looks very attractive at this point wrt risk-reward
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