Negative week for cryptocurrencies with a loss of 5% for bitcoin in the area of $ 41,260 and a loss of 3.5% for Ethereum in the area of $ 3,110.
For Bitcoin at the graph level, the holding of the support at $ 39,120 (green line on the graph) remains fundamental to avoid further descents, since the supertrend in the 42,580 area is set short.
For Ethereum, however, the support is in the $ 2,940 area (green line on the chart) with the supertrend short in the $ 3,247 area.
The US CPI inflation data, released on Tuesday, confirmed very high inflation expectations and during the week both the New Zealand bank and the Bank of Canada raised interest rates by 0.25% and 0.50% basis points respectively.
With the continuation of the war in Ukraine we do not see how we can reverse this trend of the rises in commodities in the short term; we have also to notice the rise in bond yields with the 10-year American treasury reaching 2.70% yield, which confirms this scenario.
Therefore, we await a more relaxing phase for all these factors and a reversal of the daily supertrend on Bitcoin and Ethereum before being more optimistic about the stability of the supports highlighted above.