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

Bitcoin is waking up to more China bearish news with one of the main banks threatening the users to close all the accounts related to crypto activities.

TA wise we can see how even the previous downtrend resistance failed to work as support, the same happened with the key $35,000 level support we have been tracking during the past weeks. Now failing.

As we commented the last week at this stage the last strong support available is the $32,000 range, under that level we might find some support at $30,000 but is weaker. So the range to defend for a possible bullish reversal is $32,000.

For now, as commented during the last weeks I continue staying on USDT and not looking to take any additional risks with trades here. As shared on the key points to think about, patience is a virtue. Preserve your hard-earned profits!

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Meanwhile, the Bitcoin Dominance chart continues ranging on the given levels between 40% and 47%, nothing interesting to point out here:

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Big Caps index

Meanwhile, the Big Caps Index continues holding the main support on the 27,500 sats range. Bouncing nonstop but in a really weak way. The local breakout on the downtrend resistance didn't work out...so I continue cautiously here.

No reasons for panic here still, but I don't see reasons to be bullish either.

Given that, I will just wait

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Mid Caps index

Taking a look into the Mid Caps Index we can see how the scenario keeps looking great here.

It even attempted to break the local resistance at 5,500 sats and define new local uptrend support. Anyway, it was rejected on the mentioned resistance.

And continues lacking volume, not really interested for now.

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The Mid Caps Index is a custom index of altcoins I've made where I aggregated ADA, VET, ICX, NANO, WAVES, BAT, ZRX, ONT, ZIL, etc weight on the formula (chart) comes determined by their market cap share.

Crypto Stats

Venture Capital's record investment in 2021

The year 2021 is the most promising year for the crypto industry when Bitcoin reached $64k and billions of money are being attracted by the cryptocurrency industry. This year industry has attracted more than $17 billion compared to last year’s $5 billion.

Bullish Global, a new crypto exchange attracted the highest investment of $10.3 billion alone in May from Block.one, a blockchain software company whose long-time backers include billionaires Peter Thiel, Alan Howard, and Louis Bacon.

Ledger SAS, the maker of hardware wallets for cryptocurrencies, raised $380 million from backers led by IOT Holdings.

Cryptocurrencies supply held by Grayscale

Grayscale is the most prestigious company in the crypto industry has more than $34 billion crypto assets under management. They hold significant portions of many cryptocurrencies.

BITCOIN:They are holding more than 3.5% supply of Bitcoin which is the highest supply held by a known public company.

Ethereum Classic:Grayscale is holding a 10.68% supply of Ethereum classic coin which is again the highest holding of ETC coin by any public company.

Horizen:They have also invested big in privacy coins and hold more than 5.8% supply of ZEN coin and 2.95% of ZEC coin.

Ratio of top 10 staked coins to their circulating supply

MINA: Mina Protocol is on a mission to curtail computational requirements to run Dapps more efficiently on the top with more than 99% circulating supply staked.

XTZ: Tezos that is one of Ethereum competitors with a network based on smart contracts is in 2nd place with 77.5% of their circulating supply staked.

ADA: ADA is another top blockchain project with higher features than Ethereum in 3rd place in terms of their circulating supply staked.

Top 10 coins mentioned on Twitter in last week

BTC: Bitcoin is on the top of the list with almost 2 million mentions on Twitter last week after a bearish week while the price hit $33.3k.

CAKE: Cake is still in 2nd place with more than 452,000 mentions on Twitter mainly due to the continuous launch and listing of new projects on Pancakeswap.

SAFEMOON: Safemoon is the 3rd place with more than 417,000 mentions on Twitter after maintaining its hype started last month.

Skin in the game

The Importance of Patience for a Trader

A wise man said that ”Learning patience can be a difficult experience, but once conquered you will find life easier”. In trading, patience is the single most important thing that can make a huge difference in your trading performance. Everyone keeps talking about being patient in trading so let’s discuss the role of patience in trading and where it is needed.

Waiting for a winner

It is important to wait for a trade that meets your set trading criteria fundamentally and technically. Instead of entering randomly, you need to define the chart patterns you wanna trade and you need to wait for them to develop in the list of assets you are looking to trade. Assets you are looking to trade might be running without meeting your set criteria which will test your patience level. The best thing is strict to the plan because the market is here to stay.

Waiting for an entry point

When you decide to take a trade you set an entry point. There will be times when you will feel the market will run away without taking your orders. At that point, you will be looking to enter at market price which will test your patience. Never get fomoed by the market. Always wait for the proper entry points to enter in a trade, otherwise, you will not be able to achieve the proper risk-reward ratio and will end up making losses.

Let the setup play

Trading fear can cause great damage to your trading performance. Once you have entered in a pre-defined setup you need to wait for the setup to develop and play rather to impatiently close the trade in a fear of loss. This can only be achieved when you enter every trade with a risk-reward ratio of more than 1:4. If your setup fails 4 times and wins one time you will still be in breakeven but if your setup didn’t play 4 times you need to review your entry criteria.

Exiting a trade

When you enter a trade, you define the exit point to meet the risk-reward ratio you set. But there will be times when you have entered in a trade but it’s barely moving towards its target. At that point, you might want to re-evaluate your trade to check if anything has changed since you entered the trade. If fundamental or technical analysis suggests otherwise then you should consider exiting from it right away.

Have a nice day, see you soon!Rand