WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index corrected by 0.90% in the last week, it has hit the supply zone, the resistance is expected at 16,000 and immediate support is expected at 15000. NASDAQ would pause for a bit and consolidate before it crosses it’s all time high of 16764 level
The top gainers for the week were Sirius XM, MercadoLibre & Peloton Interactive
What is the general sentiment for Crypto?The sentiment towards the cryptocurrency market turns into a GREED zone. Compared to last week, the Fear & Greed Index has increased a bit from “54” to “55”.
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 at 1 which means investors are selling their Bitcoins at their cost price.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
Both Total number of active addresses and total number of transactions on Bitcoin network are up by 52% and 101% in last 24 hours which indicates more and more people are trusting the network for transactions
$BTC Price corrected by 0.49% in the last week. It has reached the supply zone and a breakout is expected from this level. The immediate support is expected at $25,000 and resistance is expected at $32,000.
ETH/BTC is consolidating within the triangle pattern and it is trading near the demand zone. It corrected by 1.26% against BTC in the last week, the immediate support is expected around 0.062 and the next resistance is expected around 0.073 level.
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