Weekly Market Summary – Week 44


Dow Jones Industrial average made a new All time high breaking out of the 6 months consolidation. Buying momentum is expected in stock markets. Immediate support is expected around 35,500 levels.


The chart has broken upwards from the wedge pattern. The resistance is expected at  $1830 and support at $1760.


After making a new ATH, Bitcoin has been consolidating around the $60k mark. BTC has been trending up forming repeated flag patterns, that’s a bullish sign. Buying momentum is expected to continue. Immediate support is expected around $58,000 and resistance around $67,000


Ethereum had a stupendous week marking a new ATH. ETH against BTC appears strong as it has cleared the resistance level of around $0.071. Immediate support is expected around 0.070 and resistance around 0.079 levels

In conclusion…

The overall stock market remains positive. Dow Jones Industrial Average made a new All time high and gained 0.57% on friday. Gold is sustaining around $1800 levels and expected to move upwards from here. Bitcoin continues to consolidate around the $60K mark, BTC whales have been instrumental in holding the prices strong. Ethereum marked a new all time high and looks extremely bullish, laying grounds for the Altcoins to rally. The overall crypto markets are expected to move up from here with volatility.

Following are the highlights of the week:-

  • Bitcoin mining revenue jumps to its second-highest level ever, topping $1.72 billion in October
  • OLB Group announces support for Mastercard cryptocurrency processing
  • FTX US hires Gensler-era CFTC commissioner to spearhead lobbying
  • CBA is the 1st Australian bank to offer crypto services
  • Mayor-elect Eric Adams commits to make New York City more crypto-friendly
  • SEC starts the clock for Grayscale Bitcoin ETF conversion, first possible date for approval is Dec 24

FTT, DOT and AVAX appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report TRX gained 2.7% in the last week as compared to BTC achieving 0.4% in the same time period.

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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.