Weekly Crypto Report

October 24, 2021

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

We are back for another amazing week! To begin with, Bitcoin is responding amazingly on the key $60,000 support, showing strength on the first local support test. Let's see if the volume pushes accordingly too, now that the weekend is over.

Another good news related to it is that most of the altcoins are jumping along with BTX and not taking major hits this time. Maturity/ consolidation period, the time to start building altcoins positions is getting closer.

Meanwhile, the Bitcoin Dominance continues holding the key 45% horizontal support nicely. So no reason to get overconfident on altcoins for now still:

Big Caps index

If we take a look into the Big Caps Indexes we can see how we had the initial breakout over the main downtrend resistance and horizontal range on the 29,000 sats. Now retesting that key level as support. Time to pay attention as commented.

Key reversal test:

Mid Caps index

Mid Caps Index also trying to recover the key support and looking at the breakout of the local wedge. For now not interested, too much risk.

Waiting for breakout confirmation and/or close over 4,700 before loading positions here:

Crypto Stats

Bitcoin Performance After ATHs

BTC has broken the last ATH on 20th October 2021. Historically after breaking an ATH following a correction of 30+ days, $BTC proceeds to increase by 145% on average.

The biggest gains were achieved in 2013 when BTC gained 356% after breaking the ATH. Although 145% would be difficult considering the enormous increase in the price, but chances are good to have strong gains in the coming months.

Propose ETH ETF Holdings

Propose Investment that offered first physically settled Bitcoin ETF to investors in Feb-21 had also launched ETH ETF back in April-21.

Since then it is on a roller-coaster with fast growth from 20k ETH by the end of April to 75k ETH in October, a 270% increase while showing no sign of decline during this time.

It shows a strong belief in ETH price growth by investors while it’s still growing when ETH is trading around $4k after a more than 500% increase in 2021.

Top Fundraising by Blockchain Startups in Last Week

FTX:FTX, a global cryptocurrency exchange, raised $420.69 million in new Series B funding at a $25 billion valuation with the help of Temasek, Sequoia Capital, Sea Capital, IVP, Iconiq, Tiger Global, Ribbit Capital, Lightspeed Venture Partners, and BlackRock.

Element Finance:Element Finance, decentralized finance (DeFi) fixed-rate protocol, closed a $32 million Series A funding round at a $320 million valuation, the DeFi project announced on Tuesday. Polychain Capital led the round with Andreessen Horowitz (a16z), Placeholder, A.Capital Ventures and Scalar Capital also participated in the round.

Obol:Obol Technologies, which aims to launch a testnet for staking on Ethereum 2.0 soon and support more public blockchains in the future, has raised $6.15 million in a seed funding round led by Ethereal Ventures.

Top 10 Projects by TVL Growth in last week

Marinade Finance:Marinade Finance, a liquid staking protocol built on the Solana ecosystem has gained the highest growth of 78.5% in total value locked in the last week on Solana Network.

Socean:Socean, a noncustodial stake pool for the Solana blockchain based on the Solana stake pool reference implementation has gained 68.4% TVL growth in the last week

Mango Markets:Mango Markets, which intends to merge the liquidity and usability of CeFi with DeFi at a lower cost has gained growth of 58.1% in total value locked in the last week on Solana Network.

Skin in the game

Gaining confidence as a trader

Someone said that "confidence doesn't come when you have all the answers, but it comes when you are ready to face all the questions." I have seen many traders who speak like pro traders but when it comes to actual trading they lack confidence.

The reason is they do not trust themselves and don't process the trade the way they had initially thought of. Self-belief plays an important role in building confidence but there are some particular dos and don'ts you need to follow.

  • Make your own trading strategy

Proper execution of trade is very important but when you are trading someone else's ideas you don't have the confidence to execute it the told you so It is very important to develop your own trading strategy rather than borrow ideas from others. You never understand some else’s ideas completely but still keeps following them blindly. When you will develop your own trading strategy, you will have more confidence in executing it and will hold an asset in adverse price action situations when you know it will bounce back.

  • Be prepared

Like you need planning and preparation for your interview, in the same way, you need to prepare for a trading day. Set aside all the distractions and focus on the trading. Before entering into any trade, look at all the possible price actions and make a plan for it in advance so you don't have to decide in a haphazard manner. And the most important thing is to be disciplined and act what you planned. Never move an SL with a hope of saving a trade and take profit at the profit target you calculated before entering the trade rather let it run in the hope of getting more profit.

  • Never let yourself down

After a trading day, we might think that we could have done better if we followed some path that we didn't and lost the money. Some people this way starts blaming themselves and creates mini failure experiences for them. This will work in a negative way for you. Don't let yourself down and learn from the failures rather than repent on them which will not only create a positive mindset for you but will also gradually improve your trading performance.

  • Not playing to your strength

Lots of traders try to adopt trading styles that don't suit their personality or lifestyle. As a result, it starts affecting their trading performance which makes them frustrated and they start losing confidence as a trader.

True confidence is earned, but it's also learned. So try to streamline your trading process and make yourself strong and optimistic about what you do. You might lose it a few times but keep learning from your mistakes and keep boosting yourself. There will be a time when your winning ratio will improve and you will be proud of yourself.Have a nice day, see you soon!Rand