The Dow Jones Industrial Average continued to consolidate around the 33,000 levels throughout the week. The weekly chart indicates a retesting of the support level. The next resistance is expected at 35,600 and the next support is expected at 32,300.
Gold rallied above the $2,000 mark reaching just short of its all time high of $2,089. The weekly trend for Gold Futures has broken out from the triangle pattern. Immediate resistance is expected at $2,078.
Bitcoin had surged above $42,000 mid-week before sliding back to $39K levels. On the daily timeframe, BTC is traversing within a triangle and continues to make higher lows. Immediate support is expected at $34,200 level.
Ethereum remained neutral against Bitcoin over the past week. The weekly trend pattern, however, can be seen making a distinctive flag pattern. Immediate support for ETH-BTC is expected at 0.0653.
The overall stock markets ended the week lower at close. The Dow Jones Industrial Average slid by 0.69% and S&P 500 Index declined by 1.30% at close. Gold surged above $2,000 amidst the ongoing Russia-Ukraine crisis and as the shorts exit the gold futures market. The overall crypto markets ended the week marginally stronger and edged over the $1.7 trillion level. Bitcoin appears to be consolidating between the 39K-42K levels making higher lows. Ethereum and the other major Altcoins continued to make a fairly sideways movement.
Over the week, the crypto markets witnessed a minor pullback with Bitcoin rallying over $42K as the Biden government was set on the executive order for Digital assets. The order mentioned that the federal government would be involved in analyzing six different sections with some of them being financial stability, investor protection and responsible innovation. This again is a step forward towards a wider recognition and acceptance of the virtual assets
Following are the highlights of the week:-
- Ukraine has received close to $100 million in crypto donations.
- Goldman Sachs explores offering new options for cryptocurrencies.
- Bitcoin cashpoints in Britain have been forced to shut down after being declared illegal.
- El Salvador says it could launch a Bitcoin sovereign bond between March 15-20.
- Kevin O’Leary says he’s put 20% of his portfolio in crypto, including tokens and blockchain firms.
- Princeton alumni in crypto space fund a $20 million research project.
CHZ, MBOX and AUDIO appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SNX gained 14% in the last week as compared to BTC gaining 1.1% in the same time period.
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