DOW JONES
The Dow Jones Industrial Average dropped considerably on Friday closing below 33,000. The daily chart for Dow Jones has broken the support of the triangle pattern and it could see corrections of 5-10%. The immediate resistance is expected at 34,000 and the next support is expected at 31,000.
GOLD
Gold recovered and closed above $1900 in the past week. Next resistance for Gold futures is expected at $2,000 and next support is expected at $1,900
BITCOIN
Bitcoin continued to consolidate around the $38K-40K levels. On the weekly timeframe, the BTC trend continues to traverse within an ascending triangle pattern making higher lows. The next resistance for BTC is expected at $48,400 and immediate support is expected at $33,000.
ETHEREUM
Ethereum corrected marginally against Bitcoin over the week. The weekly trend for ETH against BTC has formed a channel pattern. The next resistance is expected at 0.078 and next support is expected at 0.0653.
In conclusion…
The overall stock markets remained passive in the past week with the Dow Jones Industrial Average falling considerably and closing 2.82% lower on Friday. Gold Futures slipped by 1.17% over the last week with the US Federal reserve indicating a hike in the interest rates. The overall crypto markets corrected over the week by around 5% with the Total crypto market cap sliding down towards the $1.68 trillion level. Bitcoin, Ethereum and other major Altcoins corrected between 3-10% in the past week
The accumulation of Bitcoin by Institutes and whales continues to reach new peak levels along with its Hashrate, which hit a new all time high recently. On the other hand, BTC reserves on exchanges has been hitting new lows. The supply on these exchanges is definitely getting scarce. A supply shock is extremely likely, given the past analysis of on-chain data and trend patterns.
Following are the highlights of the week:-
- Goldman Sachs offers its first Bitcoin-backed loan
- Three Arrows capital to move headquarters to Dubai
- Panama legislature passes bill regulating Crypto
- Dubai real estate developer to accept crypto payments
- Bitcoin hash rate hits an all time high
EOS, TRX and NEAR appear strong against Bitcoin and may outperform it in the weeks to come.
Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.
Start your Crypto Investments with XMINT Bots today
Join our Telegram channel https://t.me/MintingM for all the latest updates and information on Crypto assets.
You can write to us at info@mintingm.com in case of any queries