Dow Jones Industrial Average corrected marginally over the week to close just below $36,300. The daily chart can be seen trading close to the support levels. An immediate support is expected at $36,000.
Gold was passive over the week and slipped below $1800 level. The weekly trend indicates Gold Futures traversing within the triangle pattern. Immediate support is expected at $1720 level and resistance is expected at $1880
Bitcoin weakened further and slid below $41,000 levels after the Federal Reserve re-confirmed plans to hike the interest rates. On the daily timeframe, BTC can be seen trading within a descending channel pattern. Immediate support is expected at the $40,000 mark.
Ethereum followed suit behind Bitcoin and slid below $3,100. The weekly trend pattern is trading at the support level. Immediate support is expected around $2,730
The overall stock markets had a mixed week with the Dow Jones Industrial Average closing 50 points lower and dropping by 0.2%. Gold Futures weakened over the week, sliding to sub $1,800 levels. The overall crypto markets took a heavy beating with Bitcoin plummeting to sub $41K levels. The week saw huge selling volumes with the Federal reserve re-confirming the hike in interest rates. Ethereum and other Altcoins followed suit behind Bitcoin and slid massively amidst heavy liquidation.
We can expect a bounce back in the crypto markets after a continuous 7-day correction. Bitcoin has a key support at $40K and a dip below this level could see Bitcoin and other Alts tumbling further. After the hawkish comments by the Federal Reserve, the crypto markets have essentially been passive. Having said that, the fundamentals look promising. Infact, most of the large and long term investors have made use of this opportunity and increased their investments in the crypto portfolios.
Following are the highlights of the week:-
- Opensea raises $300m in Series C funding at a $13.3 billion valuation.
- Bitcoin mining pool hashrates fall amid Kazakhstan internet shutdown.
- Thailand’s crypto traders to be subject to 15% capital gains tax.
- Samsung enters the metaverse, opening its flagship 837 store in Decentraland.
- GameStop entering NFT and cryptocurrency markets as part of a turnaround plan.
- PayPal explores launch of its own stablecoin in crypto push.
LINK, LUNA and FTT appear strong against Bitcoin and may outperform it in the weeks to come.
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