DOW JONES
After multiple attempts, the Dow Jones Index has finally closed above 35k levels on a weekly
timeframe. After the breakout, 5-6% upside can be seen in coming weeks.
GOLD
Gold has formed an inverse head and shoulder pattern which is a reversal pattern. Support of
$1750 level will play a vital role to predict the trend for coming weeks.
BITCOIN
Bitcoin managed to climb up into the bull’s territory as it trades above the trendline. Moreover
Bitcoin broke the resistance of $41273 which indicates the trend reversal from here.
ETHEREUM
After the EIP-1559 upgrade last week, Ether has gained more strength. Ether gained 18% in one
week compared to bitcoin gaining 5.6% in the same time period. The bullish momentum is
expected to continue.
In conclusion…
The Stock market has given a bullish signal and the market is not looking at profit booking at this
stage, 5-6% upside is expected in coming weeks. As the stock markets look bullish, money is
flowing to stocks from gold and hence we see weakness in gold.
Bitcoin and the crypto markets are showing strong signs of reversals. Ether the king of the Alt coins
is clearly leading the pact outperforming Bitcoin in the past week.
The short term weekly trend for Crypto markets looks Bullish. Below are the highlights of the
week
● GoldenTree adds Bitcoin to its balance sheet
● Wells Fargo started offering crypto exposure to wealthy clients
● Senator Toomey preps ‘amendment to fix’ crypto tax language in bipartisan infrastructure
bill.
● SEC’s Gensler signals pathway for a Bitcoin ETF with tough rules
● EIP-1559 went live, nearly $16million worth Ether has been burned since EIP-1559
upgrade
UNI, LUNA, FTT and FIL appear strong against Bitcoin. As mentioned in our previous weekly
report, DOT and VET gained 18% and 15% in the past week compared to Bitcoin gaining 5.6% in
the same time period.
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