Weekly Crypto Market Report
DOW JONES
Dow Jones Industrial recovered back strongly over the week to close at nearly $36,000. The
daily chart continues to tread within a megaphone pattern. The immediate resistance is
expected at $36,100 and immediate support is expected at $34,545.
GOLD
Gold closed over the $1800 level. The daily trend indicates Gold Futures breaking out of the
triangle pattern. Immediate support is expected at $1720 level and resistance is expected at
$1880
BITCOIN
Bitcoin surged past the $50K mark over the week. On the daily timeframe, BTC can be seen
breaking out of the descending channel pattern. Immediate support is expected at the $45,450
mark and next resistance is expected at $53,000 levels.
ETHEREUM
Ethereum against Bitcoin continued to consolidate around the 0.08 level. The weekly daily trend
pattern can be seen retesting the support levels. Immediate support is expected around 0.078 and next resistance at 0.088 levels
In conclusion
The overall stock markets had a power-packed week ending on a high. Dow Jones Industrial Average added 0.55% on Friday. Gold broke the $1800 mark gaining 0.5% to close at $1811. The overall crypto markets gained momentum over the last few days. Bitcoin surged to the $51K before settling around the $50K level. Ethereum against Bitcoin appeared to be consolidating at the support level. Ethereum had bounced back to go beyond the $4000 level in the last few days.
The cryptocurrency market is at a period where the risk is at a minimum as compared to the rewards. The shorter has ceased to take new positions as there are no further opportunities on the downside. The short coverings are expected to take the market upwards triggering a buying momentum and we could see the bulls taking control. However, this largely depends on Dow Jones defending the $33,500 level. We saw Dow Jones Industrial Average surging nearly to the $36,000 level and this could, in turn, see a bullish run in Bitcoin and other Altcoins.
Following are the highlights of the week:-
● Dubai World Trade Centre to set up a specialized crypto zone.
● City of Jackson, TN, employees could see cryptocurrency payroll conversion options
next year, first in the nation.
● Crypto exchange Binance signs an agreement with Dubai World Trade Centre.
● Manasquan bank selects Bakkt to offer retail clients access to cryptocurrency.
● India’s crypto law might not be ready before May, sources say.
● Kraken to develop an NFT marketplace offering token-backed loans.
FTM, CHZ, and ROSE appear strong against Bitcoin and may outperform it in the weeks to come.
As specified in the previous report LUNA gained 50% in the last week as compared to BTC
achieving 8% 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.
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