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 up for another amazing week of trading and investments!

Taking a look into BTC we can see it didn't even chill on the falling wedge we were tracking and went for a breakout over the weekend. Breaching at the same time the key $58,000 range we have been commenting for so long.

Now after a small consolidation is pushing for a new breakout on smaller timeframes and scratching the previous ATH. If breaks and consolidates around $62,000 I think it will push a new solid bullish wave that could lead us to $70,000.

As we have been commenting for weeks, it doesn't matter the noise on minor timeframes, I'm only interested in buying big dips and I continue holding all my positions. The macro perspective remains full bullish. Let's go!

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Meanwhile, the BTC dominance as commented rejected on the 58% level and diving, most likely to test 52%-53% support range. Which aligns with the altcoins bull run brewing.

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Bitcoin dominance is described as the ratio between the market cap of Bitcoin to the rest of the cryptocurrency markets.

Big Caps index

We can see it's also looking really bullish. Forming right now an ascending triangle, matching with the 17,000 sats horizontal resistance. A breakout over this range enables the bullish continuation.

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Mid Caps index

A great example of how relevant TA is here on the Mid Caps Index analysis, as we have been commenting for months, 3,800 sats it's the key level to beat, it's the strongest resistance on the whole chart, reason why it's been rejected that wildly on the first attempt.

But the local uptrend support continues holding, and even a retest of the horizontal range on the 3,200 sats it's possible and it would continue looking absolutely bullish. It would be a gold chance to buy the dip if happens.

So stay tuned, and remember, consolidation over 3,800 sats unfolds the bullish reversal.

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Crypto Stats

Ethereum Balance on Crypto Exchanges

Ethereum sitting on exchanges continues to drop further. As per the latest data, Ethereum (ETH) supply at the exchanges has touched a 28-month low going below 20% for the first time since December 2018. This has happened as more and more ETH continue to move either to DeFi-based options, cold storage, or for staking into the Ethereum 2.0 deposit contract.This decrease in supply is helping the increase in the price of ETH and it is expected ETH price will soon see further gains in the coming weeks.

Bitcoin Miners Revenue

With the increase in the price of Bitcoin, Bitcoin miners enjoyed the highest ever revenue of $1.75 billion in the month of March-21. A big chunk out of this revenue is related to mining profits while revenue related to transaction fees is only $167.21 million.

Last year during the halving event it was a big concern that miners’ revenue would decrease but the introduction of better equipment and increasing price of Bitcoin kept them in high profits.

Coinbase Users Growing Fast

Crypto exchange Coinbase has seen a huge growth in the first quarter. At the end of the last quarter of 2020, they had 43 million verified users that increased to 56 million at the close of the 1st quarter. This 30% user growth within a span of 3 months is the biggest for Coinbase and largely attributed to the Bitcoin price growth.

Other exchanges have also seen the same kind of growth which is a very positive sign for the overall market and will induce more people towards digitalization and blockchain adoption.

Banks vs Cryptocurrencies

Bitcoin, one of the biggest technological inventions of this century has already giving hard time to financial institutions. Traditional banks have dominated the financial space but Bitcoin market capitalization is bigger than the aggregate market capitalization of the worlds' top 3 banks. Even Ethereum has joined the race and placed itself in 5th position in terms of market capitalization.

This huge growth within a span of only 12 years suggests that cryptocurrencies are going to dominate the world's financial space in the coming years.

Skin in the game

What makes you a successful trader?

Trading can be a part-time thing for you but still, you need to learn the art of trading from your predecessors after adding your own sauce into it. Every person is different from others but I have shortlisted some of the factors that are important to become a successful trader.

1. Desire for success The single most important component to becoming a successful trader is the desire for success itself. You should be ready to put your 100% efforts objectively into your trading to get the results. Being lenient or lazy will take you nowhere. You need to get out of your comfort zone and be ready to tolerate discomfort to achieve the success you are looking for.  

2. Proactive Being proactive in trading is what you need to make into the top 1% of traders. It will not make you successful if you are waiting for things to happen and then take decisions on them. You need to be proactive and should be able to anticipate things before they happen. This will give you the edge that the other 99% are not doing and they will be the ones that will fill your sell orders later.  

3. Resilience  One of the main features of a trader is its ability to take risks. They might be wrong sometimes but they learn from it and never make that mistake again. They keep on moving forward with the same enthusiasm and resilience even after making bad trades.  

4. Selectivity  Successful traders are selective in their trading approach and the criteria they follow to select an idea to trade. They don't watch everything, and they certainly don't trade everything. They wait for good ideas to become good trades.  

5. Calling Successful traders have an uncanny sense that this is what they're meant to be doing. It's not a job, and it's not a career for them. It's a calling. That's the only thing that can keep people searching and researching, banging away for good ideas and good trades. And it's the only thing that enables them to gain the immersive pattern recognition experience that separates them from average traders.  

There are other success ingredients, from discipline to creativity. What I see among the traders listed above is an unusual combination of these factors. It's a pleasure and a true education to study successful people. There is much more to success than avoiding failure.

Have a nice day, see you soon!Rand