Weekly Crypto Market Report
The Dow Jones Index is facing rejection around 35k levels. Weekly close above 35k should
indicate the continuation of uptrend else we would see some profit booking. There could be a
correction of 20-25% from current level.
GOLD
Break above the resistance level of $1920 could lead to buying momentum and breach of $1750
could lead to further selling pressure. Gold appears in bear zone as it trades below the trendline
BITCOIN
Bitcoin is trading below the trendline and could test the 20-25k levels. Weekly close above the
$41300 level could turn the negative sentiments to positive.
ETHEREUM
Ethereum is appearing strong compared to Bitcoin, it is trading above the trendline. But Ethereum
too could see selling pressure if Bitcoin corrects from here.
In conclusion…
The Stock market may see profit booking and may correct 20-25% from current level. Bitcoin
should remain weak as it trades below the trendline and could see correction of 35%, Ether and
Altcoins could correct upto 50% from this level. Gold could correct the least compared to Stocks
and Cryptos.
The short term trend for Crypto markets looks bearish but the fundamentals are getting stronger.
Below are the highlights of the week
● BNY Mellon partners with Grayscale
● Bank of America approves Bitcoin trading futures
● Square will launch Bitcoin DeFi
● Fidelity will add 100 crypto employees
● Visa to approve BTC debit card in Australia
Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.
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