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.
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