Dow Jones Industrial Average remained fairly neutral throughout the week without any major change. The weekly chart is retesting the support after breaking out of the megaphone pattern. The next resistance is expected at 35,600 and next support is expected at 32,300.
Gold climbed above the $1,960 mark. The weekly trend for Gold Futures has broken out from the triangle pattern. Immediate resistance is expected at $1,976.
Bitcoin slid down from $45K level over the week to settle at around $39K. On the daily timeframe, BTC is still on the uptrend making higher lows at $33K level. Immediate support is expected at $34,200 level.
Ethereum remained fairly flat against Bitcoin over the past week. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.
The overall stock markets remained fairly neutral over the past week with the Dow Jones Industrial Average losing 0.53% at close and S&P 500 Index falling by 0.79% at close on Friday. Gold surged to a weekly high and closed at $1,966 as it continued to be a more safe haven demand. The overall crypto markets slid marginally over the week with the Total crypto market cap losing 2.4%. Bitcoin appears to be consolidating between 33K-45K levels making sideways movement. Ethereum and the other Altcoins remained passive, overall.
Cryptocurrency is now proving to be a great alternative when it comes to receiving monetary aid in times of such geopolitical tensions. It is also a tool to circumvent the monetary sanctions imposed on the Russian government. Either way, cryptocurrency is politically neutral and is currently in the spotlight. People have started stacking on Bitcoin as the number of addresses with more than 1000 Bitcoins have surged. The Bitcoin to Ruble transaction volumes have also made record highs, what this means is that more and more people are selling the Russian fiat and converting it into Bitcoin and other cryptocurrencies.
Following are the highlights of the week:-
- Visa and Mastercard block Russian banks from their networks after sanctions.
- Cambridge University launches a crypto research project with IMF, BIS.
- EU parliament scraps Proof-of-Work ban following backlash.
- Bitcoin, Tether & the City’s LVGA token will become de facto legal tender in Lugano .
- Crypto community has donated over $50m to Ukraine.
- Burger chain Shake Shack tests Bitcoin rewards to lure younger consumers.
SNX, BURGER and ONE appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SXP gained 7% in the last week as compared to BTC gaining 3.5% in the same time period.
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