Weekly Crypto Market Report
Dow Jones Industrial Average fell sharply over the week and closed below 34,300. The daily chart is trading extremely close to the megaphone support. The next resistance is expected at 35,500 and immediate support is expected at 34,000.
GOLD
Gold surged above $1840 over the week. The daily trend indicates Gold Futures traversing within the triangle pattern. Next support is expected at $1760 level and next resistance is expected at $1880
BITCOIN
Bitcoin suffered heavily to plummet below $35,000 over the last 2 days. On the daily timeframe, BTC has broken down from the descending channel pattern. A key support is expected at the $30,140 level.
ETHEREUM
Ethereum against Bitcoin weakened in the last couple of days. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.
In conclusion…
The overall stock markets closed lower on Friday with the Dow Jones Industrial Average slipping by almost 1.3%, the lowest in 1 month, while S&P 500 Index closed 1.89% lower. Gold gained momentum over the week to strengthen its position above the $1,800 level. The overall crypto markets bled heavily in the last couple of days to drop by $450 Billion in terms of Total market cap. Bitcoin plummeted to $34K levels with the strengthening of the US Dollar. Ethereum slid to $2,300 and other Altcoins followed suit and took a huge beating.
After a bounce back to $44K from $40K levels last week, BTC plunged below $35K. The US stock markets have been trading sideways since May 2021 and have reached the demand zone. Dollar index is showing weakness after a rally since May 2021. The Commodity markets especially Gold and Silver are showing strength. Crypto markets have corrected around 50% from it’s All time high levels. Bitcoin has reached an extreme oversold zone. This amounts to a favourable situation for the overall markets to bounce back and poses an opportunity to invest or add fresh capital into the crypto markets
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Following are the highlights of the week:-
- Crypto.com loses $15m worth of Ethereum in a hack.
- Crypto ATMs halted in Singapore after a marketing clampdown.
- Google is considering letting users store crypto in digital cards.
- Meta is working on plans to allow users to create and sell non-fungible tokens.
- Solana-based ‘move-to-earn’ startup STEPN raises $5 million in SAFT sale.
- Bulgaria is exploring options for crypto payment mechanisms.
DEP, MANA and COTI appear strong against Bitcoin and may outperform it in the weeks to come.
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