Good morning/evening/night guys. As every Monday, find here your weekly dose on market analysis, the most relevant industry stats, and our best tips to profit from this exciting market while learning from it!

Bitcoin

What an amazing day for Bitcoin, after breaching up the key downtrend channel we have been tracking for two weeks. It also breached the key horizontal resistance on the $35,500 level!

This ignites the bullish reversal in the mid and short-term. Consolidation on the $37,000 range would be the next step to solidify this move and enable the next attack to the $41,000 range.

Something to mind is that finally, after 3 months, we are again over the MA50. To sum up really great news for Bitcoin, not just because of the current pump, but the meaning it has on the macrostructure.

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Eyes on the Bitcoin dominance chart....squeezing here on the key horizontal resistance while respecting the local uptrend support:

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Big Caps index

Meanwhile, the Big Caps Index took a minor hit, but today it's bouncing amazingly on the local uptrend support and shaping a really great daily candle with hammer shape. If we close like this, respecting the horizontal support, the days to come will be pretty bullish.

As you know already, when BTC moves sharply, no matter if up or down, altcoins tend to get a hit. It's during the consolidation of Bitcoin when altcoins shine. So be ready during this week.

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Mid Caps index

The Mid Caps Index continues holding like a beast the key horizontal support. 4,300 sats acting amazingly. As in the Big Caps, looking to close a possible great daily candle.

If we close as it’s looking right now it would be really bullish. Probably the Mid Caps will delay a little bit more, so I would focus more on the Big Caps first. But don't sleep here either. Looking primed too.

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Crypto Stats

Bitcoin Whales Buying Bitcoin

Bitcoin supply held by entities with 1k to 10k balance is on the rise again. These entities started selling Bitcoin in February-2021 when Bitcoin was at $50k. Now they have started buying again and bought more than 130,000 Bitcoin in the last two months.

Balance held by Bitcoin entities dropped to 4,110,000 Bitcoin in May-21, since then 130,000 Bitcoin has been bought and major buy activity happened last July-21 as out of those 130k Bitcoin, 90k are bought in July. This significant increase in buying activity suggests that Bitcoin prices have a temporary bottom in.

Top 10 blockchain infrastructure projects by price performance in 2021

Matic:Matic has got gained the significant interest of crypto users due to their ongoing development and launch of new products has gained 4900% in 2021.

SOL: SOL, another strong project launching lots of new products lately with a strong team has gained more than 1690% in 2021.

DAG: A strong project that has an open-source platform to create a blockchain, cryptocurrency, or Dapp is in 3rd place with a 1670% gain in 2021

Top Projects by TVL Growth in Last Week

Parrot Protocol: Parrot, a synthetic debt protocol built of the Solana network achieved the highest growth of 304% ($18.8m) in total value locked in the last week.

Mercurial Finance: Mercurial finance which is building DeFi's first dynamic vaults for stable assets on Solana achieved 147% ($29.4m) growth in total value locked in the last week.

Basket Dao: Basket Dao, which focuses on DeFi portfolio management and Exchange Traded Fund (ETF) has achieved 114% ($26m) growth in TVL in the last week.

Top 10 coins mentioned on Twitter Last Week

BTC: Bitcoin is on the top of the list with more than 1.9 million mentions on Twitter last week while its price bounce from 29k to 36k.

DOGE: Doge is at 2nd place with more than 510k times mentioned on Twitter while it gained more than 30% in the last week after a continuous drop in the previous 6 weeks.

ETH: Eth is in 3rd place with more than 477k times mentioned on Twitter while it gained more than 25% during the last week.

Skin in the game

Importance of Practice in trading

The importance of practice cannot be stressed enough. Golfers will hit hundreds of putts every day to get their swing perfect, so traders must do the same and practice hard in order to master this skill to improve one's success rate in the market for a higher return on investment while also reducing risk significantly.

Helps to gain confidence

When I first started trading, my goal was to gain confidence and confidence can only be gained via continuous practice. As a trader, no matter what happens in the markets it's essential for me to make sure I'm prepared so as not to be caught off guard and get nervous when things happen on an individual level.

Helps in risk management

Proper risk management is a necessary part of trading to stay profitable and it is only achieved by continuous practice. You will never know until you have dealt with various situations in trading. The more you practice the better you will be in managing trading risk.

Helps in money management

A trader that is good at risk management and finding great but not good at money management will end up making losses. You need to get in the habit of calculating profit and loss all in your head. You need to learn what trade size you need to enter and you need to quickly assess your risk-reward ratios and only execute the best opportunities, because you may have five to choose from at once.

Helps in discovering your trading style

To stay competitive in the market you need to discover your own style of trading which is only possible by practice. You won’t stay profitable for a long time if you are just following others. You need to be creative and always find new trading strategies.

Helps to manage trade expectations

Managing trading expectations is one of the difficult parts of the trading business. People naturally have expectations to make a fortune out of trading in no time but practice will make you know the reality and you will expect the same while trading on a real account.

To perfect our trading skills, it is important to practice and not just simply hope for the best. It's also essential that we go over what caused us problems during a certain session so as to avoid them in future scenarios. When practicing, I like to imagine how my emotions were at each point of failure - was I distracted by something, or did some event throw me off? Once you know why mistakes are happening then they won't happen again!

Have a nice day, see you soon!Rand