Dow Jones Industrial Average surged above the 35,000 point over the last week. The daily chart continues to trade within the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,000.
Gold gained marginally in the past week to edge above the $1,800 level. The daily trend indicates Gold Futures traversing within the triangle pattern. Immediate support is expected at $1760 level and next resistance is expected at $1880
Bitcoin rallied to edge close to $42,000 levels after consolidating between the $36K-38K levels for sometime. On the daily timeframe, BTC has broken from the descending channel pattern. Immediate resistance is expected at the $44,500 level and support is expected at $32,900.
Ethereum against Bitcoin strengthened considerably throughout the week. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.
The overall stock markets gained some momentum with the Dow Jones Industrial Average edging over 35,000 and S&P 500 Index closing 0.52% higher. Gold strengthened over the week crossing the $1,800 mark with growing inflation levels. The overall crypto markets bounced back with vigour and edged above $1.9 trillion in terms of Total Market Cap. Bitcoin surged above $41,900 amidst a pullback. Ethereum, too, grew stronger against Bitcoin. Altcoins followed Bitcoin to start a possible recovery cycle.
The Indian Budget of 2022 had mixed reactions within the Crypto community with a positive reaction towards India’s acceptance in dealing with Digital assets however a high tax cut(30%) did not seem to go down well with many others. We believe that this is a landmark step towards a more accommodative environment where ambiguity on crypto transactions has been done away with the taxation rules on cryptocurrency being introduced. Although the Indian government has taken the right decision to tax crypto income, a lower rate would certainly benefit the entire ecosystem and also encourage more investors to look at crypto as a serious investment.
Following are the highlights of the week:-
- Solana Labs launches Solana Pay, a payments protocol for digital commerce.
- FTX is acquiring Japanese crypto exchange Liquid.
- Blockchain bridge Wormhole suffers possible exploit worth over $326M.
- Bored Ape Yacht Club creators in funding talks with Andreessen Horowitz.
- Japanese trading house Mitsui & Co. plans to issue cryptocurrency linked to gold prices.
- Treasury Department report warns that NFTs could be used in money laundering.
ENJ, MANA and NEAR appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SAND gained 11.7% in the last week as compared to BTC gaining 8.5% in the same time period.
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