Dow Jones Industrial average corrected marginally after a strong week. The daily chart
continues to traverse within a megaphone pattern. The next resistance is expected at $36,100
and immediate support is expected at $35,150.
Gold continued to consolidate around the $1800 level. The weekly trend indicates Gold Futures
traversing within a triangle pattern. Immediate support is expected at $1720 level and resistance
is expected at $1880
Bitcoin continued on a downtrend over the week with a minor gain due to the FOMC
announcement. On the daily timeframe, BTC can be seen treading along a descending channel
pattern. Support is expected at the $45,540 mark and next resistance is expected at $49,500.
Ethereum continues to be strengthening its position against Bitcoin. The daily trend has given Flag
pattern breakout. Immediate support is expected around 0.078 and next resistance at 0.088 levels
The overall stock markets had a strong week before ending low in the last 2 days. Dow Jones
Industrial Average closed 1.8% lower on Friday. Gold continued to consolidate around the $1800
levels. The overall crypto markets were on a downtrend over the week with Bitcoin rallying
marginally with the FOMC announcement regarding interest rate hike. Ethereum continued to
strengthen against Bitcoin. Ethereum has frequently been retesting the $4000 level and is
expected to make strong bullish move from here
In retrospect, with the announcement of the FOMC last week, it is clear that the Fed is looking at
curtailing the increasing inflation and ending the bond purchase program by early 2022.
Bitcoin shortly bounced back to inch closer towards the $50,000 level before marginally correcting
down to sub $48,000 levels. ETH has been continually trading near the $4,000 levels and now with
the Fed event behind us, we can expect increasing trading volumes in the crypto market, which
had been rather passive over the last couple of weeks. We also expect fresh money to be pumped
in. The market fundamentals are intact and we are definitely in the bull territory with some altcoins
presenting an excellent risk-reward entry with opportunities galore to deploy fresh capital.
Following are the highlights of the week:-
● Cryptocurrency platform FTX will pay Golden State Warriors $10 million for global right.
● Idaho Central Credit Union launches NYDIG bitcoin services via Alkami platform.
● LionTree explores accepting cryptocurrency as payment for services
● Federal regulator says credit unions can partner with crypto providers.
● Kraken Ventures raises $65 million for early stage fund to invest across the crypto & fintech
● Paraguay’s Senate approves a proposal regulating crypto mining and trading.
LUNA, AAVE and AUDIO appear strong against Bitcoin and may outperform it in the weeks to
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.