Weekly Market Summary – Week 41


The stock market has had a good run in the last couple of days. Dow Jones has broken out of
the channel pattern after testing the resistance at $34.8K levels several times. The RSI indicator
has crossed the 60 mark indicating a strong position.

Gold has seen a strong weekly gain. However Gold could not hold above $1800 due to high
selling, possibly due to the news of Bitcoin futures ETF launch. Gold has broken out of the
channel pattern and the resistance level of $1925 is yet to be breached.

Bitcoin rallied close to the $63K mark ahead of speculation regarding the Bitcoin Futures ETF
launch on Monday, 18th Oct, 2021. BTC has broken out of the channel pattern and we can expect
the momentum to continue into the week ahead. The next resistance is expected at $63.3K.

Ethereum is yet to see a strong run as compared to BTC.. ETH/BTC trend is still within a
descending channel pattern on the daily chart. Immediate resistance is expected at the $0.072
levels, breaking which we could see a strong rally in ETH and other Altcoins.

In conclusion…
The overall stock markets have seen a decent bull. Dow Jones Industrial Average saw a rise of
1.1% in just a day. We could see a sentimental relation connecting the Stock market and the
Bitcoin Futures ETF launch. Gold rallied up to $1800 but could not hold on to the
momentum.Bitcoin came out as the king among all of these instruments, nearly touching the $63K
mark. With the ETF listing, it’s only a matter of time before BTC crosses its ATH. Ethereum is yet to
see the same demolishing run as BTC. Altcoins could see fresh bullish rallies if Bitcoin continues to

As mentioned in the previous report, we have seen a reversal of sorts in the Crypto markets as
Bitcoin surged to $63K levels. Following are the highlights of the week:-
● Bakkt is set to start trading on NYSE next week.
● SEC approves first U.S. Bitcoin Futures ETF from PROSHARES.
● The US Treasury publishes new sanctions guidance for crypto businesses.
● Uniswap Labs hires Democrat communications veteran amid regulatory scrutiny.
● One of Australia’s largest pension funds considers crypto investment.

CTSI, MATIC and GRT appear strong against Bitcoin and may outperform it in the weeks to come.
As specified in the previous report, AAVE has gained close to 15% in the last 4 days as compared
to BTC gaining almost 13% 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.