The overall stock market continues to remain positive. Dow Jones Industrial average made an All time high a couple of days back. The daily chart is traversing within an ascending channel pattern. The next resistance is expected at $36100 level.
Gold remains steady around the $1800 levels. The chart has broken down from the ascending channel pattern. The resistance level remains at $1925 and support at $1675.
After making a new ATH, Bitcoin has been consolidating around the $60k mark. BTC has been forming a cup and handle pattern and support is expected at $58000 levels and next resistance is expected at $67,100.
Ethereum had a stupendous week breaking its previous ATH. ETH against BTC looked strong breaking out of the descending channel pattern and testing its resistance level of around $0.071. We may see a surge in the charts in the coming weeks.
The overall stock market has been extremely positive. Dow Jones Industrial Average made an All time high and gained 0.25% on friday. Gold is down by a few points but is steady around $1800 levels. Bitcoin has been consolidating around the $60K mark. The BTC whales have been instrumental in holding the prices strong. Ethereum saw a great run in the last week, outperforming Bitcoin. With many experts believing that ETH is still undervalued, we could see Ethereum entering uncharted territory in the coming days.
Following are the highlights of the week:-
- El Salvador buys the dip, adds another 420 BTC.
- Voyager Digital secures $75 million strategic investment from Alameda Research.
- Mastercard CEO cites ‘massive services opportunity’ following acquisition of crypto analytics firm.
- Richard Li, Winklevoss-Backed crypto fund seeks $300 million.
- NYDIG acquires British bitcoin startup Bottlepay in $300 million stock purchase.
- Patreon confirms it’s exploring crypto as a way for creators to make money.
TRX and CHZ appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report ETH gained more than 10% in the last week as compared to BTC achieving less than 1% 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.