WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index gained 1.27% during the last week. We could see fresh buying as mentioned in the previous week’s report. The immediate support is expected at 16,800 level and immediate resistance is expected around 17,770 levels in the coming week
The top gainers for the week were Meta, Amazon and Nvidia gaining 22%, 10% and 7% respectively.
The Tech stocks are expected to continue the upward trajectory.
CRYPTO
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market continues to remain in the GREED zone. Compared to last week, the Fear & Greed Index increased from “55” to “60”
BITCOIN – aSOPR
aSOPR for this week is equal to 1 which indicates that the investors are selling their Bitcoins at breakeven levels.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement. As per the above model, Bitcoin’s cycle top price prediction is around $1,10,000
BITCOIN RESERVE RISK
When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.
Bitcoin chart
ETH/BTC
ETH/BTC has been trading within the descending regression channel for a year now, it is expected to bounce back from this level. An immediate support is expected at 0.052 level and resistance is expected at 0.062 levels
Tokens with high Relative Strength in the market
The top gainers for the week were FLR, PENDLE, RON and LINK tokens gaining 44%, 42%, 36% & 28% respectively
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$BTC price gained just over 1% in the previous week. Bitcoin’s chart is currently moving rather horizontally, consolidating within a tight range. We could see a bounce back in Bitcoin price, the immediate support is expected at $36K and resistance is expected at $48K
$BTC gained by 3.89% in the last week. It is consolidating within a tight range and is expected to continue the upward momentum. The immediate support is expected at $38k and resistance is expected at $48k.
$BTC gained by 156% in the last year(2023). It is expected to continue the upward momentum. As highlighted on the chart, Bitcoin gained in all the halving years previously. Bitcoin halving is scheduled in Apr 2024 and we are expecting this year to be a positive year for Bitcoin.
