The Dow Jones Industrial Average kept rising throughout the week gaining 5.5%. The weekly chart is on the verge of a breakout from the triangle pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.
After rallying to nearly $2,080, Gold slid down below the $2K mark. The monthly trend, however, shows a promising sign as the trend has formed a cup and handle pattern. Immediate resistance is expected at $2,078.
Bitcoin jumped up by over 10% in the last week to edge closer to $42K. On the daily timeframe, BTC continues to traverse within a triangle making higher lows. The next resistance is expected at $44,500 and immediate support is expected at $34,200 level.
Ethereum gained against Bitcoin over the past week. The daily chart for ETH-BTC has broken out of the triangle pattern. Immediate support for ETH against BTC is expected at 0.0653.
The overall stock markets ended the week highly positive. The Dow Jones Industrial Average gained 5.5% in the week and closed 0.8% higher on Friday. Meanwhile, S&P 500 Index jumped by 1.17% at close. Gold declined over week to fall below $2,000 as the stock markets gained back momentum. The overall crypto markets gained over 10% over the week and edged above the $1.8 trillion level. Bitcoin rallied close to $42,000 continually making higher lows over the past few weeks. Ethereum and the other major Altcoins all remained fairly positive over the week.
Over the longer period, Bitcoin has been consolidating around the $39K to $42K levels. The crypto markets were expected to be volatile before the Federal Reserve’s meeting. However, the markets remained unfazed by the Fed’s interest hike of 25 BPS. Interestingly, the long-term Bitcoin holders have also remained fairly unnerved by the recent market volatility as the balance of BTC being held by HODLers made a new high. This inturn could trigger the next bull run as there would be a supply crunch soon.
Following are the highlights of the week:-
- Europe’s landmark crypto bill passes parliamentary committee with wide majority.
- Dubai grants crypto exchange Binance a virtual asset licence.
- Ukraine’s Zelensky signs virtual assets bill into law, legalizing crypto.
- US Fed Reserve hikes interest rates by 25 basis points.
- Instagram is launching NFTs, Mark Zuckerberg confirms at SXSW.
- Bitcoin addresses holding 1-10 $BTC have been increasing over the past month.
THETA, EGLD and CTSI appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, AUDIO gained 65% in the last week as compared to BTC gaining 11.2% in the same time period.
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