The Dow Jones Industrial Average remained fairly flat in the last week, consolidating around the 34,500 level. The daily chart for Dow Jones is traversing within a descending channel pattern. The next resistance is expected at 35,600 and the next support is expected at 32,300.
Gold has gained two weeks in succession. The weekly trend for Gold Futures has retested the triangle pattern after breaking out of it earlier. Immediate resistance for Gold futures is expected at $2,078.
Bitcoin has been consolidating around the $40K-$41K levels. On the daily timeframe, the BTC trend has bounced-off from the bottom of the ascending channel pattern and is moving ahead making higher lows. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600.
Ethereum slid marginally over the week. The weekly trend for ETH is retesting the pattern following a breakout. The next resistance for ETH is expected at $3,450 and next support is expected at $2,450.
The overall stock markets lost some ground over the week with the Dow Jones Industrial Average closing 0.33% lower on Thursday while S&P 500 Index lost 1.27% at close. Gold has been on the charge since the last two weeks as it gained 2.5% in that period. The overall crypto markets remained fairly neutral over the week with the Total crypto market cap settling around the $1.9 trillion level. Bitcoin, Ethereum and most of the major Altcoins have been consolidating around the current levels since almost a week.
US recently reported that its inflation rate was at a 40-year high, currently standing at 8.5%. The crypto market was fairly unaffected by this latest report. Meanwhile, the Bitcoin whale activity has been at its peak since a few weeks with institutions like Microstrategy and Terra(LUNA) accumulating increasing amounts of Bitcoin. This has largely contributed towards BTC remaining strong around $40K.
Following are the highlights of the week:-
- Middle East’s largest alternative asset manager starts raising blockchain fund.
- Mastercard files for more than a dozen metaverse and crypto trademarks.
- Indian investors alarmed as crypto exchanges block transfer network.
- Nexo and Mastercard launch ‘world first’ crypto-backed payment card.
- Ethereum merge pushed to Q3 as ‘final chapter’ of Proof-of-Work looms.
- Amazon CEO says not adding cryptocurrency as payment option anytime soon.
EOS, FTT and GRT appear strong against Bitcoin and may outperform it in the weeks to come.
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