Dow Jones Industrial Average slipped below 34,000 over the week. The daily chart broke down from the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,150.


Gold crossed the $1,900 level for the first time since June 2021. The daily trend for Gold Futures has broken from the triangle pattern. The next resistance is expected at $1,915 and immediate support is expected at $1,850.


Bitcoin, along with the crypto market took a hit over the week. Bitcoin dropped below $38,000. On the daily timeframe, BTC has broken down below the triangle pattern. Immediate support is expected at $33,050.


Ethereum against Bitcoin weakened over the past couple of days. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.

In conclusion…

The overall stock markets lost huge ground over the past week with the Dow Jones Industrial Average closing 0.68% lower, a one month low, and S&P 500 Index falling by 0.72% at close. Gold surged to a new high in the last 9 months breaking the $,1900 mark amidst rising inflation. The overall crypto markets plunged over the week with the Total market cap falling below the $1.6 trillion level. Bitcoin plummeted to sub $38,000 level and Ethereum with the other Altcoins had a subdued week, overall.

Bitcoin corrected heavily to end the week close to $38,000 level after consolidating between $42K and $44K for close to 2 weeks. Ethereum dropped to $2,600 with the overall cryptocurrency markets falling sharply. The earlier surge in the crypto markets seemed to be a temporary cycle and it is likely that the ongoing geopolitical tensions surrounding Ukraine and Russia may be one of the factors behind the recent slide. However, both the countries have taken a favourable step with regards to adoption of Cryptocurrencies. The overall correction poses yet another opportunity to deploy additional capital.

Following are the highlights of the week:-

  • Red Bull’s F1 team signs $150M sponsorship deal with crypto exchange Bybit
  • Twitter adds Ethereum wallet to send and receive tips  .
  • Canada sanctions 34 crypto wallets tied to trucker ‘Freedom Convoy.
  • The Russian finance minister hopes for cryptocurrency regulation by end-2022.
  • Super Bowl ads boosted crypto app downloads by 279%, led by Coinbase.
  • Italy formally lays out crypto firms’ new AML requirements. 

MBOX, REP and CTSI appear strong against Bitcoin and may outperform it in the weeks to come.

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