Weekly Market Summary – Week 39


Dow Jones is seen forming a head and shoulder pattern. It can be observed that 33K is acting
as support and the resistance level appears to be at 35.5K


On the daily time frame, RSI on gold is gaining strength. We can expect buying momentum for
gold in the weeks to come. Support and resistance is the same as reported last week i.e 1675
and 1925


Bitcoin has broken out of the descending channel pattern. Buying momentum is expected to carry
on. The support level is expected at $43K and resistance level at $53K respectively.


ETH/BTC is trading close to the resistance level of 0.072. Once this level is broken, we could
potentially see a significant rally in Ethereum and Altcoins

In conclusion…

In retrospect, the overall stock markets seem to be in the supply zone and profit booking is
expected to continue for a couple of weeks more. Gold has entered a fresh buying zone at this
level and we could soon expect a revival. Bitcoin has eventually turned bullish after a long slumber,
but one needs to be cautious as the Dollar Index appears strong. Ether and other Altcoins could
make new highs if the stock markets hold on above 33K levels.

As mentioned in the previous report, we can definitely see a bounce back in the Crypto markets
as the RSI has broken out from the pattern for BTC. Following are the highlights of the week:-

● The Biden administration seeks to regulate stablecoin issuers as banks.
● Singapore grants crypto license to DBS unit, an Aussie exchange.
● El Salvador officially starts volcano-powered Bitcoin mining.
● Nearly 41% of the capital allocated in September so far has gone to NFT & Gaming
● Visa develops an interoperability concept for central bank digital currency payments.

ICX, IOST and FTM appear strong against Bitcoin and may outperform it in the weeks to come. As
specified in the previous report, AAVE has gained 15% in a week compared to BTC gaining 12.5%
in the same time period.

Disclaimer: The opinions expressed in the report are for general informational purposes only and are not intended to
provide specific advice or recommendations for any individual or on any specific security or investment product.