The Dow Jones Industrial Average remained fairly neutral and consolidated around 34,500 over the week. The daily chart has given a breakout from the triangle pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.
Gold gained marginally closing above $1,950. The monthly trend for Gold Futures indicates a breakout from a cup and handle pattern. Immediate resistance is expected at $2,078.
Bitcoin rallied to $45,000 after buying momentum picked up during the week. On the daily timeframe, the BTC trend is trading at the resistance level. Immediate resistance is expected at $45,300 and next support is expected at $34,200 level.
Ethereum rose marginally against Bitcoin over the week. The daily chart for ETH-BTC has broken out of the triangle pattern. The next resistance is expected at 0.075 and immediate support is expected at 0.0653.
The overall stock markets remained fairly neutral over the week with the Dow Jones Industrial Average closing 0.44% higher on Friday and S&P 500 Index gaining 0.51% at close. Gold jumped up marginally and gained 1.3% over week to edge above $1,950. The overall crypto markets gained close to 9% and reclaimed the $2 trillion level after nearly two months. Bitcoin surged to its resistance level but could not continue its momentum to break above. Ethereum and the major Altcoins marginally outperformed bitcoin through the week.
The crypto tax law was passed in India, recently, amidst an uproar from the industry as the amendments suggested by the crypto community were not taken into consideration. This could make crypto trading and investing in India, highly unfavourable. Meanwhile, globally the amount of Bitcoin and Ethereum on exchanges has been gradually hitting new lows, an indication that the assets are being moved into hard wallets and a supply crunch is imminent in the coming days. This could well be the start of a new bull cycle.
Following are the highlights of the week:-
- El Salvador postpones Bitcoin bond issue, expects better conditions.
- FTX invests $100M in banking app Dave, forms partnership for crypto payments .
- The Florida governor says the state will accept Bitcoin for tax payments.
- Thailand to ban use of digital assets as payments from April – SEC.
- Bank of England began sketching out a regulatory approach to crypto.
- India’s stiff crypto tax legislation becomes law as the bill is passed.
COTI, CHR and ENJ appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, EGLD gained 18% in the last week as compared to BTC gaining 8% in the same time period.
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