WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index corrected by 1.36% in the last week, a bounce back is seen as expected. An immediate support is expected at 14500 and resistance is expected at 16500 level. NASDAQ is consolidating around the resistance zone and is expected to break out in the coming month. The top gainers for the week were Fortinet, Intel & Dexcom gaining 5%, 4% and 2% respectively
What is the general sentiment for Crypto?The sentiment towards the cryptocurrency market stays in the FEAR zone. Compared to last week, the Fear & Greed Index remained unchanged and continues to hover at “40”.
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 below 1 which means investors are selling their Bitcoins at a loss.
CVDD-TERMINAL PRICE CHART INDICATOR
The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.
Long term holders’ movement in the last 7 days were lower than the average. They have a motiv
$BTC Price corrected by 0.50% in the last week. It has reached the Support levels and forming doji candles from last 4 weeks which indicates a bounce back. The immediate support is expected at $25,000 and resistance is expected at $32,000.
ETH/BTC is consolidating within the triangle pattern. It corrected by 0.64% 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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