Weekly Crypto Market Report
Dow Jones Industrial average gained momentum over the last 2 days ending on a high note on Friday. The weekly chart can be seen moving within a channel pattern. Immediate support is expected at $33,500
GOLD
Gold continued to remain timid with the price remaining below the $1800 level. The daily trend indicates Gold Futures traversing within a channel pattern. The next resistance is expected at $1900.
BITCOIN
Bitcoin plunged below $50,000 levels with the global crypto markets experiencing a major crash. BTC could be seen retesting the pattern on the daily timeframe. If prices fall beyond this levels, we could expect next support at $43,500 mark.
ETHEREUM
Ethereum remained ever so strong against Bitcoin. The daily trend broke out of the channel pattern. Immediate support is expected around 0.077 and next resistance at 0.085 levels
In conclusion…
The overall stock markets recovered marginally after the Omicron variant sent the markets tumbling last week. Dow Jones Industrial Average closed 1.8% higher on Friday. Gold continued to consolidate around the $1780 levels. It was a bloodbath in the overall crypto markets with Bitcoin plunging below $50K. Ethereum continued to remain strong against Bitcoin with increasing adoption of DeFi applications. Major Altcoins corrected sharply along with Bitcoin
Following are the highlights of the week:-
- Croatia’s top food retailer introduces payment in cryptocurrencies.
- Silk Road founder Ross Ulbricht to launch NFT collection.
- Coinbase has $30 billion in crypto assets staked across 25 blockchain.
- Goldman Sachs, other wall street banks exploring Bitcoin-backed loans.
- Crypto investment firm Maven 11 Capital closes $120m fund.
- Bitmart hacked for $200 million.
CHR, REN and ETH appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report LUNA gained 75% in the last week as compared to BTC achieving (-)10% in the same time period
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