Dow Jones appears to be forming a Double bottom(“W”) pattern since the advent of September. The trend is about to break its pattern neckline with 33.5K acting as a support and 35.5K being the resistance level.
Gold has gained marginally on the daily timeframe and is almost breaking out from the channel
pattern. Support and resistance is the same as reported last week i.e 1675 and 1925
Having crossed the $50K mark, Bitcoin surged to $55K level in no time. We can expect bulls to
carry forward the momentum. The immediate support level is expected at $53K and next support
level at $40K.
Ethereum has not seen as strong a rally as BTC. ETH/BTC is trending within a descending
channel pattern on the weekly charts. Immediate resistance is expected at the $0.072 levels.
In hindsight, the overall stock markets have been on a roller coaster ride since a couple of weeks
with major indices hitting new highs. Gold has been gaining steadily and a revival seems imminent.
Bitcoin crossed $50K, a sentimental landmark figure of sorts. BTC could be heading towards an
ATH soon. As indicated last week, Ether and other Altcoins could follow suit and make new highs if
the stock markets hold on above 33K levels.
As mentioned in the previous report, we have seen a bounce back in the Crypto markets as the
Bitcoin has surged to $55K levels. Following are the highlights of the week:-
● Invesco launches digital assets and blockchain thematic equity ETFs in the U.S.
● Nigerian central bank to launch digital currency within days.
● Total value locked in DeFi hits an all-time high.
● China proposes adding cryptocurrency mining to ‘negative list’ of industries.
● The Biden administration is weighing an executive order on cryptocurrencies.
COTI and AAVE appear strong against Bitcoin and may outperform it in the weeks to come. As
specified in the previous report, FTM has gained more than 50% in a week compared to BTC
gaining almost 25% 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.