We can see a breakdown and weekly close below the triangle pattern which could put sell
pressure on markets. Immediate support may be seen around 33000 levels and the 2nd support
may be seen around 31500 levels.
Historically on a monthly time frame, gold has taken support from 21 EMA and bounced back. It
is trading close to its 21 EMA and a bounce back is expected from this level.
Bitcoin has been trading in the megaphone pattern and bounced back from the lower side of the
pattern. Immediate support and resistance can be expected around 43000 and 57000 levels
Ether has reached the support level against Bitcoin, bounce back is expected from this level. If the
support is broken then ETH may underperform BTC and the Altcoins rally may subside for
Profit booking can be seen in the stock markets and the sell pressure may continue for a couple of
weeks. Gold is showing signs of revival as it has reached the buy zone on a multi month time
Bitcoin is expected to bounce back from current levels as far as $43,200 levels are defended. Ether
may slow down a bit for a couple of weeks as Bitcoin dominance is picking up. We may see
volatility in crypto markets as stock markets are under sell pressure.
The short term weekly trend for Crypto market is not clear, sideways movement is expected.
Following are the highlights of the week –
● Interactive Brokers group introduces cryptocurrency trading through Paxos
● CACEIS, the European bank with $4.96 trillion in assets under custody, is nearing the
launch of a crypto custody service
● Fidelity pushed for Bitcoin ETF approval in private SEC meeting
● Nils Andersen-Röed joins Binance from Europol to further strengthen investigations and
COTI, NEAR & ATOM appear strong against Bitcoin and could potentially outperform Bitcoin in the
coming week. As mentioned in our previous weekly report, AVAX and TRX gained 28% and 11% in
a week compared to BTC gaining 6% in the same time period
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