The Dow Jones Industrial Average dropped considerably for the last two days closing below 34,000. The 4-hourly chart for Dow Jones is trading at the support of the triangle pattern and it could bounce back from that level. The next resistance is expected at 35,600 and the next support is expected at 32,300.
Gold dropped by over 2% in the past week after remaining in the positive for 2 weeks in succession. The weekly trend for Gold Futures has formed a distinctive parabolic curve. Next resistance for Gold futures is expected at $2,078 and next support is expected at $1,780
Bitcoin continued to consolidate around the $40K levels. On the daily timeframe, the BTC trend continues to traverse within an ascending channel pattern, making higher lows. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600.
Ethereum corrected marginally against Bitcoin over the week. The daily trend for ETH against BTC has formed a megaphone pattern. The next resistance is expected at 0.078 and next support is expected at 0.0653.
The overall stock markets looked grim in the past week with the Dow Jones Industrial Average falling considerably and closing 2.82% lower on Friday while S&P 500 Index losing 2.77% at close. Gold Futures slipped by 2% over the last week with the US Federal reserve indicating a hike in the interest rates. The overall crypto markets remained fairly flat over the week with the Total crypto market cap moving sideways around the $1.8 trillion level. Bitcoin and the other major Altcoins also remained neutral along the week without any significant movement.
The accumulation of Bitcoin by Institutes and whales continues to reach new peak levels. BTC reserve on exchanges has also been hitting new lows. The supply on these exchanges is definitely getting scarce. An upward trend movement is extremely likely, given the past analysis of onchain data and trend patterns. Meanwhile, the adoption of Bitcoin across the globe continues to rise at a rapid pace with countries in Europe, South America and Australia being the front runners.
Following are the highlights of the week:-
- Indian crypto exchange CoinDCX tops $2.1 billion valuation in new $135 million funding.
- Coinbase NFT marketplace goes live in beta for select customers.
- Australian authorities lay out guidelines and roadmaps for crypto industry regulation.
- Justin Sun to launch algorithmic stablecoin USDD on Tron, will use $10 billion of crypto as collateral.
- Bahamas to allow citizens to pay taxes with digital assets
- Binance agreed to share data with Russian government agency.
EOS, FTT and GRT appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, GRT has gained 1.7% in a week compared to BTC losing by 0.4% in the same time period.
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