Weekly Market Summary – Week 33


Dow Jones broke out of the consolidation above the 35,000 level last week. If this level is
sustained we may see 37,000 levels soon in coming weeks, else we may see profit booking in
the stock market.


Gold is trading between the channel pattern and breaking out of this channel would give us the
cue for the next move. Gold has been consolidating between $2089 and $1673 levels since a


Bitcoin has broken out of consolidation and it is trading between the support($41,000) and
resistance($60,000) zone.
RSI continues to stay above 60 on daily timeframe which indicates bulls are in complete control,
the buying momentum shall continue.


ETH/BTC has broken out of the Triangle pattern. It shall retest the upper line of the pattern before it makes the up move.

In conclusion…

The Stock market is still in the supply zone, Strong buying needs to be seen to continue the
uptrend else we may see profit booking in the stock markets. Gold trades in the consolidation zone
since a year and close above $1840 should trigger buying momentum.
Bitcoin and the crypto markets look positive as long as the $41,000 level on bitcoin is defended.
Ether appears strong against bitcoin as the funds are chasing the Alt king, around 7% of Ether
supply is staked for ETH 2.0. Many of the top 10 crypto tokens like SOL and ADA made new
ATH(All Time High) in the past week. That is a sign of continuation of the Bull run.

The short term weekly trend for Crypto markets looks Bullish. Below are the highlights of the

● Trading platform Bitpanda raises $263 million at a $4.1 billion valuation
● NFT monthly volumes in August near $1 billion
● Galaxy Digital files for US Bitcoin futures ETF
● Rapid growth in DEFI is seen taking the global total value locked in DeFi to $148 billion
● Crypto adoption by individuals growing fastest in Vietnam and India

CTSI, CHR, CHZ and DOT appear strong against Bitcoin. As mentioned in our previous weekly
report, HNT gained 41% in the past week compared to Bitcoin gaining 3% in the same time period.

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