Weekly Market Summary – Week 46


Dow Jones Industrial average had a passive week overall. The daily chart can be seen testing the support at around $35,200 level. Next resistance is expected at $36,500


Gold has retracted slightly over the week after a strong run. However, the weekly trend can be seen breaking out of a Flag pattern. The next resistance is expected at $1890 and immediate support at $1820.


Bitcoin slid sharply over the week falling past its previous support of $58,000 before bouncing marginally. BTC constantly tested its support level amid sell-offs for profit booking. We expect immediate resistance at $68,000 level and next support is expected at $53,000 mark.


Ethereum against Bitcoin continued to appear strong. The daily trend broke out of the triangle pattern settling at $0.074 level. Immediate support is expected around 0.071 and immediate resistance around 0.075 levels

In conclusion…

The overall stock market saw a sluggish week. Dow Jones Industrial Average closed the week 0.75% lower. Gold consolidated and settled around $1850 levels after a prodigious week which saw it surge past $1800. Bitcoin saw a major correction after its recent ATH with speculations of profit booking after the recent Taproot upgrade news took BTC past $69K. We expect a trend reversal with its RSI indicating that Bitcoin is close to being oversold. Ethereum remained strong against Bitcoin despite its correction and slide past $4,000. Major Altcoins also bore the brunt along with BTC and ETH but regained momentum as quickly.

Following are the highlights of the week:-

  • Binance U.S. may raise ‘couple hundred million’ in funding, CEO says.
  • Swiss Exchange’s new platform to use ‘revolutionary’ crypto tech for bond issuance.
  • Bitso unveils new stablecoin tool for Mexico-US payments.
  • TIME magazine to hold ETH on balance sheet as part of Galaxy Digital metaverse deal.
  • Investors offer OpenSea $10B valuation in new round.
  • Gemini crypto exchange seeks funding at $7 billion valuation 

ROSE, QKC and MATIC appear strong against Bitcoin and may outperform it in the weeks to come. 

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