Weekly Crypto Market Report
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market turns to GREED. Compared to last week, the Fear & Greed Index has changed from “49” to “66”.
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 stands at 1 which means the coins were sold at their purchase price
CVDD-TERMINAL PRICE CHART INDICATOR
CVDD – tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy.
Currently the Bitcoin CVDD stands at $17,341, the Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue the upward movement.
The Dow Jones Industrial Average corrected by -0.29% in the previous week. The immediate support is expected at 32,000 levels and next resistance is expected at 34,500.
Gold gained by 5.69% in the last week. The next resistance is expected at $2,000 and immediate support is expected at $1800
BTC has broken out of flat base consolidation with good volume, it is expected to continue the upward movement in the coming week. Bitcoin price support is expected at $25,000 and resistance is expected at $34,000
ETH/BTC broke the support levels, ETH is expected to be weak against Bitcoin. An immediate support is expected at 0.055 and the next resistance is expected at 0.065 levels.
Pick of the Week – $GALA