Weekly Crypto Market Report :
Dow Jones Industrial Average slipped below 32,500 before clawing back above 34,000 at close on Friday. The daily chart had broken down from the megaphone pattern with Russia invading Ukraine. The next resistance is expected at 35,600 and next support is expected at 32,300.
GOLD
Gold surged to $1,975 level for the first time since June 2021. The daily trend for Gold Futures had broken from the triangle pattern and edged past the previous resistance of $1915. Immediate resistance is expected at $1,976.
BITCOIN
Bitcoin gained back momentum almost immediately after dropping to nearly $34,000. On the daily timeframe, BTC is treading along the triangle pattern. Immediate support is expected at $34,200 level.
ETHEREUM
Ethereum against Bitcoin strengthened over the past 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 gained back some ground over the past week with the Dow Jones Industrial Average edging over 34,000 and S&P 500 Index climbing by 2.24% at close on Friday. Gold surged to a new high in almost 1.5 years as a hedge against inflation. The overall crypto markets made a positive turn around with the Total crypto market cap crossing the $1.8 trillion level. Bitcoin climbed back over to sub $39,000 level. Ethereum and the other Altcoins had a positive week, overall.
The Russian invasion of Ukraine momentarily impacted the overall markets with the Dow Jones Industrial average losing over 800 points within the last 48 hours. The crypto markets also plummeted with the Total Market cap dropping to nearly $1.5 Trillion and Bitcoin falling below $35,000. Meanwhile, Gold Futures surged by 2% and Oil prices exploded soon after the news of the attack came in with Crude oil hitting the $100 mark for the first time in seven years.The overall markets may continue to remain choppy amidst the ongoing geopolitical situation. It is recommended to hold on to one’s investment in such a situation and/or look to deploy fresh capital as an investment opportunity.
Following are the highlights of the week:-
- Japanese e-commerce retailer Rakuten launches an NFT marketplace.
- Bitmex founders Hayes and Delo plead guilty in US prosecution.
- China tightens law to jail those found raising funds through crypto sales.
- Luna Foundation Guard raises $1 billion to form Bitcoin reserve for UST stablecoin.
- FTX is launching its own gaming unit.
- Korea’s largest bank to launch the country’s first crypto investment fund.
AAVE, SXP and ONE appear strong against Bitcoin and may outperform it in the weeks to come.
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