WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index has been rallying for a month, it has reached the resistance levels and is expected to slow down over here. An immediate support is expected at 14,300 and next resistance is expected at 15,300 levels.
The Trend looks stronger and is expected to continue the upward movement after taking a pause for a couple of weeks.
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market remained in the NEUTRAL zone. Compared to last week, the Fear & Greed Index has remained unchanged at “47”.
SOPR – Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week is above 1 which means investors are selling their Bitcoins at a profit.
Is This The Start of the Bull Market?
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
Currently there are 1,005,027(1m+) addresses holding more than 1 BTC, it’s at an all time high
$BTC Price is trading below the 20 week moving average. Sellers may take the charge and we could see price correction in BTC until it reclaims above the 20 week moving average, the immediate support is expected at $21,300 and resistance is expected at $32,000.
ETH/BTC is consolidating within the triangle pattern and it is trading below the 20 week moving average. It corrected by over 3% against BTC in the last week, the immediate support is expected around 0.062 and the next resistance is expected around 0.073 level. We could see weakness in ETH until it reclaims above 20 week moving average
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