The magnitude of realised losses on-chain this week has eclipsed all previous capitulation events, including March 2020, Nov 2018 and the sell-off that ended the last bull market in Jan-Feb 2018

BTC broke the long downtrend line and now trading above it. This is good news although we need to flip the $40,000 levels yet.

ARK Invest purchased $20 Million worth Bitcoin. We may see more announcement from the public companies. Retail investors sell because of all the FUDs and the institutions are buying the dip.

$dot gets the first place and is not even listed on Coinbase yet

#matic

MATIC is rejected from the resistance zone and also from the uptrend channel upper line resistance. MATIC broke the uptrend channel in downward direction. MATIC is near all-time and increased drastically in the last few months. Also if you see the marketcap it is $12 Billion and MATIC rank is 10 among all cryptocurrencies. So the upward potential is low because of the high marketcap. We not suggest you to open long position in MATIC here. If you have MATIC already hold with stop loss. Let it come down and stable in a range for accumulation. The support zone for MATIC is $1.75-$1.85 and if broken we see more downside moment.

MATIC testing the support zone (yellow area). If unable to hold this support MATIC will go down towards $1.5 support area. The resistance zones are $2.15 - $2.25 and heavy resistance at $2.3 - $2.5 area.If you want to Open new position near the support zone do that with tight stop loss.

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China Dominance is going down and this is good sign. USA and Russia dominance is going up. China always dominates the Bitcoin mining but now other countries also looking towards mining farms. The more distributed it is the less impact of China FUDs on the market.

BTC breaks the triangle in downwards direction and this is not a good sign. The next support is $33,500 and $32,000-$32,500 zone. There are some big buy orders in range of $30,000-$33,000. BTC looks weak and sellers are selling heavily on every bounce. The resistance levels are $37,300 and $39,500-$40,000 area. The major support is $30,000 and last defense point for bulls.

This is the comparison of the 4 bull markets of BTC. The current bull market is behaving like the 2013-2014 bull cycle. As per the previous chart, every cycle return curve keeps declining. We are in middle of the bull run and far away from the top of the bull cycle. We will likely to see the top of Bull market in November December 2021 or first quarter of 2022. Just HODL your BTC bags and enjoy the market.

Bitcoin Update:

BTC bulls trying hard to change the trend bullish again. The monthly candle close above $37,000 and this is good sign. The MACD also turning positive on daily chart. BTC need to hold above $35,500 and we see another retest of $38,000. There is heavy resistance area till $42,000 and a breakout with good volume of $42,000 will turn the market bullish. The support zone for now is $35,000-$35,500 and major support zones are $30,000 and $32,500-$33,000. The on-chain analysis shows accumulation is going on. Let's see what this week brings.

#DOGE

DOGE break the symmetric channel and is now coming to retest the trendline. Buy DOGE on the retest, there are no big fundamentals for DOGE but we all know ELON MUSK will tweet anytime about DOGE and it will pump 10-20% instantly. Although ELON MUSK hype is also fading away so manage risk accordingly. Stop loss is necessary in all trades.

As Expected Elon Musk tweeted about DOGE. DOGE is now more than 25% up from yesterday price.

BTC should hold the $35,500 area and need a good bounce from there. If bulls lose the $35,000 major support the market will go lower towards $32,000-$33,000. There is no bad news currently still BTC is dumping, this shows retails investors are in panic and selling. BTC need to reclaim the $37,500 resistance area for further upward moment.

Unpopular opinion regarding Elon’s tweets. We strongly believe that Elon wouldn't be posting #Bitcoin memes, making fun on middle class investors, unless he knew something really good was coming.

As of end of May, CEX spot volume stands at $6.89 trillion

Again China FUD

The reason of the sudden dump.

CumRocket coin has surged past all-time highs and is now up over 350% since Elon Musk tweeted about it.

BREAKING: The President of El Salvador just announced that he is making Bitcoin legal tender in his country.

This is the first country to take such a courageous step, but it won’t be the last.