Weekly Market Summary – Week 45


Dow Jones Industrial average retracted slightly last week after breaking out of the double bottom pattern. Immediate support is expected around $35,200 levels and resistance at $36,500


Gold has broken upwards from the channel pattern and surged past its previous resistance of  $1830. The next resistance is expected at $1890 and immediate support at $1820.


Bitcoin made a new All time high last week breaching the $69K mark for the first time. BTC has broken out of the Flag pattern and buying momentum is expected to continue. Immediate support is expected around $57,000.


Ethereum made a new ATH breaking the $4900 mark for the first time. ETH against BTC appears strong, breaking out of the descending channel pattern. Immediate support is expected around 0.070 and resistance around 0.079 levels

In conclusion…

The overall stock market remains positive despite a minor correction. Dow Jones Industrial Average made a new All time high last Monday. Gold surged past $1800 after consolidating at that level for quite some time and is slated for a bull run. Bitcoin made a new ATH crossing the $69K mark after days of consolidating at $60K. Bitcoin could break the 6-figure mark in Q4. Ethereum also marked a new all time high surging past $4900 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:-

  • Stablecoin lending yields more than twice as much as US junk bonds and almost 150 times as much as the average US savings account.
  • India is said to take forward-looking steps on digital currency.
  • SEC rejects VanEck Bitcoin spot ETF.
  • Looking at a 30-day moving average, ETH’s net annual inflation is now under 1%.
  • FTX US average daily volume grew 512% in Q3. 

BTT, FTT and WRX appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report AVAX gained 36% in the last week as compared to BTC achieving 7% 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.