Hello,
Let's start this week market analysis.
BITCOIN
DAILY - LONG TERM
The market remains under selling pressure, in anticipation of the release of the US interest rate, the unfolding of the war in Ukraine and also with a strong correlation with US stock markets.
Major supports are at $37,200, $33,700 and $32,000.
Meanwhile we have major resistances at $40,000, $42,000 and $48,000.
GRAPH 4h - MEDIUM TERM
Market currently testing bullish channel support.
We have the fourth test, if the market breaks this channel it is very likely that we will visit the region of $32,000.
Major supports are at $38,000, $37,200 and $34,440.
Major resistances at $40,000, $42,500 and $47,700.
ETHEREUM
DAILY - LONG TERM
In the last week we have seen an increase in selling pressure on Ethereum which already indicates a retest of support at $2,100.
Currently, ethereum has been closely following the movement in bitcoin, having as main supports the points of $2,700, $2,420 and $2,100.
Meanwhile, major resistances on ethereum are at $3,000 and $3,650.
GRAPH 2h - MEDIUM TERM
Market within a strong bearish channel, with channel resistance at $2,880.
It is only after the breakout of the down channel and the formation of a bullish pivot that we will be able to think about a stronger buy for the medium term.
Major supports at $2,720, $2,500 and $2,400.
GOLD
Gold broke the bullish formation that was aiming to break the $2,000 resistance. With that, the market started to work on a bearish wave with support at $1,850. If support is broken we may see a retest of the region at $1,730.
DOW JONES
Balance sheet season, inflation, rising interest rates and the war in Ukraine have put strong selling pressure on the index.
We currently have a downtrend on the 4h chart with supports at 32,500, 31,600 and 30,080 points.
A US interest rate hike is expected by 0.50%, leaving a further 1% rate hike open at upcoming Fed meetings.