WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index has rallied 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 has entered the GREED zone. Compared to last week, the Fear & Greed Index has increased from “47” 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.
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 156,541 addresses holding more than 10 BTC, it’s at an all time high
$BTC Price bounced back from the support level of $25K, It gained over 15% 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 over 4% against BTC in the last week, the immediate support is expected around 0.062 and the next resistance is expected around 0.073 level. ETH is expected to bounce back from this levels
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