The Dow Jones Industrial Average’s performance over the past week remained fairly unchanged. The daily chart indicates a retesting of the pattern at the breakout level. The next resistance for Dow Jones is expected at 35,600 and the next support is expected at 32,300.
Gold slid marginally through the week, closing below $1,950. The trend for Gold Futures is retesting the breakout levels on the daily timeframe. Immediate resistance is expected at $2,078.
Bitcoin had edged over $48K during the week before sliding to $46,000. On the daily timeframe, the BTC trend can be seen retesting the previous breakout level. The next resistance is expected at $48,600 and next support is expected at $34,200 level.
Ethereum gained over 7% against Bitcoin over the week. The daily chart for ETH-BTC has broken out of the triangle pattern and its previous resistance of 0.075. The next resistance is expected at 0.078 and next support is expected at 0.0653.
The overall stock markets remained fairly flat over the week with the Dow Jones Industrial Average closing 0.4 % higher on Friday and S&P 500 Index gaining 0.34% at close. Gold slid marginally dropping by 1.5% over the past week to fall below $1,950 as the US dollar strengthened. The overall crypto markets remained positive with Total crypto market cap gaining close to 1.4% and edging over the $2.1 trillion level. Ethereum grew stronger against Bitcoin gaining almost 7% in the past week as Bitcoin dominance index fell below 42% for the first time since the start of February 2022
Bitcoin had nearly edged over its resistance level of $48,600 but faced rejection as selling volumes proliferated and traders booked profits at the resistance level, which saw a minor correction in prices. Meanwhile, some of the major Altcoins like Cardano(ADA) and Aave(AAVE) have recently proved to be good investment bets. Cardano’s Total value locked(TVL) skyrocketed recently and with Coinbase enabling staking for Cardano, the future looks promising for the project. AAVE on the other hand announced a critical upgrade, bringing about a resurrection of the token from dullsville.
Following are the highlights of the week:-
- Legendary Rapper Snoop Dogg To Launch NFT Collection On Cardano.
- Goldman Sachs to launch crypto services to high net worth clients in Q2, 2022.
- European Union passes privacy-busting crypto regulation.
- Coinbase said it is near deal to buy the owner of Brazil’s largest crypto exchange.
- US lawmakers introduce ‘Ecash’ bill in new push to create a digital dollar.
- Bybit & Crypto.com to set up head offices in Dubai.
CTSI, LUNA and AUDIO appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, CHR gained 31% in the last week as compared to BTC gaining (-)1% in the same time period.
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