Blockchain and US Stocks Weekly Market Update (7/2/2022 - 13/2/2022)

News

Blockchain Related

FTX has acquired Liquid the Japanese Crypto Exchange. FTX has provided $120 million debt financing to Liquid for its emergency fund. The deal is expected to be finished next month.

Commentator supports Nvidia's bottom-up approach of Metaverse strategy. Nvidia plans to offer free licenses of its Omniverse software to creators and artists. The license costs at least $9000 to corporate customers.

Wormhole network has been hacked. 120,000 wETH has been exploited. Jump has announced that they will provide 120,000 ETH to Wormhole to replace the stolen ETH for the sake of multi-chain development.

Osmosis has several updates. Firstly, superfluid staking has entered the phase of testing and simulation. Secondly, the gravity bridge will soon be publicly launched. Other updates include the development of Isotonic leverage.

The Avalanche Foundation has invested in EonXi which is a venture and innovation studio for Web 3.0 development.

Financial and political

In response to the Ukraine and Russia military tension, US has deployed 1000 soldiers from Germany to Romania and additional 2000 soldiers from US to Poland.

Market Analysis

Cryptocurrency

BTC

Price: 41581 (10:25 UTC+8 6/2)

Last Analysis Review: In the previous analyses, I have indicated that the momentum of the downtrend had slowed down. There were also no signs for the stop of the downtrend.

This Week’s Analysis: A strong v-shape structure is identified and the momentum is quite good. In this week, there are some observable signs for the stop of the downtrend. In a reversal structure, the price should not fall below the level of 38000 - 40000. At the moment, I do not think the bear market has ended yet. The conservative way is to observe the current

trend for a bit longer time.

Overall Ranking (Long Side): 4.1/7

AVAX

Price: 77.8 (17:16 UTC+8 6/2)

Last Analysis Review: The direction of the analysis is correct. But the turning price which is not 69 should be the level of 64-69.This Week's Analysis: An inverse of the downtrend has taken place in the last week. The inverse trend has hit the resistance (79-82). If 74-75 is strong support, the momentum should be good enough to break the

resistance.

Overall Ranking (Long Side): 4.5/7

ETH

Price: 2987 (5:18 UTC+8 7/2)

Last Analysis Review: I did not mention.

This Week’s Analysis: A v-shape re-bounce is identified and the momentum is quite good. 2700-2800 should be an observable price level

for the current inverse structure.

Overall Ranking (Long Side): 4.1/7

US Stocks

DJI

Price: 35089 (06:17 UTC+8 7/2)

Last Analysis Review: Correct

This Week’s Analysis: Retain last week's analysis. A dangerous volatile

structure will continue. The level of 34000 - 33310 is a strong support.

Overall Ranking (Long Side): 2.75/7

Nasdaq

Last Analysis Review: I did not mention.

This Week’s Analysis: The base of a downward structure is building.

Be careful with the bearish market.

Overall Ranking (Long Side): 2.8/7