DowJones has been consolidating within the rectangle pattern for 20 weeks now. 33,000 levels
acts as support and 35,500 acts as resistance. Breach of these levels would indicate further
Gold has broken out of the bull flag on a weekly timeframe. $1625 is the support and $1920 is
Bitcoin has been trading in the descending channel pattern and bounced back from the lower side
of the pattern. Immediate support and resistance can be expected around $39000 and $53000
ETH/BTC is approaching the resistance level, if it breaks above this level we will see ferocious bull
run in Altcoins. 0.055 is the support and 0.085 is the resistance on a weekly timeframe.
After 18 months of bull run, Rally in the stock markets has slowed down and consolidation is
expected to continue for a couple of weeks. Gold is showing signs of revival as it has broken out of
the bull flag on a multi week time frame.
Bitcoin and stock markets may consolidate for some more time as the dollar index is strengthening.
Ether may consolidate for a couple of weeks around $3000, Fundamentally strong Altcoins like
COTI would continue to make new highs.
The short term weekly trend for Crypto market is not clear, bounce back is expected as the RSI
has reached the oversold zone on Bitcoin. Following are the highlights of the week –
● Softbank leads $680 million funding round in NFT fantasy soccer game Sorare
● Bitcoin miner Genesis Digital Assets raises $431 million in fresh capital
● Invesco/Galaxy filed for a physically backed Bitcoin ETF
● UAE regulator agrees to support crypto assets trading
AAVE, COMP & LINK appear strong against Bitcoin and could potentially outperform Bitcoin in the
coming week. As mentioned in our previous weekly report, COTI gained 33.6% in a week
compared to BTC losing 11% in the same time period