Hello,
Let's start this week market analysis.
The last few days have been marked by the Russian invasion of Ukraine, which has brought a lot of volatility to the markets.
Long-term Bitcoin has entered a region of consolidation between the moving averages, with the $40,000 region as basic support and key resistance the point at $50,000.
The main supports are at $40,000, $37,000 and $32,900.
The conflict could lead the Fed to let inflation a little looser
in the US, causing us to have a 0.25% interest rate increase in the March Meeting.
On the 4h chart we have a downtrend line with key resistance in the $42,000 region.
If the market manages to break out of the current downtrend line, we will likely have a bullish pivot, with a target to test the $44,500 region.
Major supports are at $40,000, $37,000 and $34,300.
Market trying to break the bearish cross, which currently has resistance at $2,900
Beyond $2,900, we can see strong resistance at $3,280.
Only from that point will the market return to a long-term bullish convergence, aiming to test $4,500.
Market waiting for a bullish pivot to form, which could raise the ETH price to around $3,100;
Currently, the main support for the aforementioned formation is the $2,300 point, which is also considered the main short-term and medium-term support on ethereum.
Other supports are at $2,720, $2,590 and $2,410.
TREND = HIGH
Gold failed the first test to break the $2,000 region, however, as we are in a strong buying wave that comes from $1,780, we may be facing a correction, to build up strength and return to the previous move to break $2,000.
Major resistance at $1,920, $1,980 and $2,000.
Major supports at $1,877, $1,850 and $1,790.
Dow Jones entered a bullish-biased consolidation.
We have the main resistances at 34,000, 34,600 and 36,000 points.
With the Russia-Ukraine conflict, I don't believe the Fed will increase the interest rate by 0.50% in the US, it probably tends to increase by 0.25%, which lessened the selling pressure on the DJI.
Major supports at $32,800, $32,500 and $32,080.
