Weekly Market Summary – Week 34


Dow Jones broke out of the consolidation above the 35,000 level a week back. It seems to have
taken support at 35,000 and is ready for its next move towards 37000, 6% upside.


Gold has given a break out of the channel pattern and short term upside is expected till $1900.
Day close above $1921 could be an indication of trend reversal leading towards an upside.


Bitcoin is respecting the trendline support and has bounced back from the trendline twice in the
past one month. Day close below $46200 may put a selling pressure on Bitcoin in the short term.
RSI continues to stay above 60 on daily timeframe which indicates bulls are in control and the
buying momentum is likely to continue.


As ETH/BTC approaches the trendline support, a bounce back is expected from this zone. Ether
could make an upward move in the coming weeks outperforming the Bitcoin

In conclusion…

The weekly close on DOW JONES above 35000 levels indicates the absorption of sell pressure,
the markets seem ready for an 6% upward move towards 37000 levels. Gold is trading in the
consolidation zone since a year and close above $1921 should trigger a buying momentum.
Bitcoin and the crypto markets look positive as long as the $42,200 level on bitcoin is defended.
Ether appears strong against bitcoin and an upward move is expected in the coming weeks. We
can expect many of the Altcoins to make new highs with Ether’s move.

The short term weekly trend for Crypto markets look Bullish. Following are the highlights of the

● Bitcoin network smashes record amid huge price surge
● Bitcoin adoption in Afghanistan spikes amid Taliban takeover
● $400 million in ETH now burned by Ethereum EIP-1559 upgrade
● Cuba to recognize and regulate cryptocurrencies like Bitcoin
● Twitter CEO building decentralized Bitcoin exchange

LINK, MANA, AAVE and SRM appear strong against Bitcoin. As mentioned in our previous weekly
report, CHR gained 26% in the past week compared to Bitcoin’s -1.2% in the same time frame.

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