Weekly Market Summary – Week 36


Dow Jones tried breaking the triangle pattern but failed to sustain above it. We can see a
breakdown and weekly close below the triangle pattern which could put sell pressure on
markets and it may correct around 5% till 33,000 level.


Gold is retesting the support on upper trendline of the channel pattern after breakout, Day close
above $1921 would trigger a buying momentum and a downward trend reversal may be seen.


Bitcoin has been trading in the megaphone pattern and would bounce back from the lower side of
the pattern. If it breaks down, we would see Bitcoin testing the 40,000 level as support


Ether has broken out of the cup and handle pattern on daily time frame. Currently it is retesting the
support and expected to bounce back from this level.

In conclusion

Dowjones failed to sustain above $35000 levels, we could see profit booking for sometime before it
resumes the upwards move. Gold is showing signs of revival and a trend reversal may be seen in
coming months.

Bitcoin is expected to bounce back from current levels as far as $43,200 levels are defended. Ether
and few other Altcoins are appearing strong compared to Bitcoin. Bitcoin dominance has gone
down to 40%. Bitcoin is correcting while few Altcoins are making new highs which indicates funds
are chasing Altcoins. Quality Altcoins should continue to make new highs.

The short term weekly trend for Crypto markets still looks Bullish. Following are the highlights of
the week –
● MicroStrategy announces new bitcoin buy worth $177 million
● Morgan Stanley loads up on $240 million in Grayscale Bitcoin shares
● Billionaire Bill miller takes plunge into GBTC with 1.5 million shares
● Over $700 million worth of ETH has been burned after EIP-1559 upgrade

LUNA, AVAX & TRX appear strong against Bitcoin and could potentially outperform Bitcoin in the
coming week.