Donald Trump turns pro-crypto ⁉️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️

📈 Markets

• Overall bias - Cautious 🟠 

• BTC broke the $61,900 support & is now trying to re-test the same. $64,800 now becomes a crucial resistance to break for BTC, and an intraday short level as well.

• ETF inflows ~$11 mil positive — Demand here needs to really pick up or else we risk re-visiting the range lows at $59,000.

• BTC dominance is coming in at a support of 54.62%. It could bounce from here, making it a boring day for alts overall.

• $67,200 is a key resistance for Bitcoin -- Confluences include 4H premium zone, 4H bearish order-block, 4H horizontal resistance & 4H AVWAP resistance.
  

📅 Today

Donald Trump Turns Pro-Crypto ⁉️ 

In a recent speech, former President Trump said his campaign will start accepting donations in cryptocurrency.

He also talked about how he supports the growth of crypto in the US, and jokingly criticized President Joe Biden for not understanding it well.

In response to a question regarding the future of crypto businesses in the US, Trump said he's worried that businesses dealing with crypto might leave the nation because of hostile regulations.

He also suggested that he would not crackdown on crypto if elected as President, but would rather keep them here to help the economy grow and encourage new ideas.

On the other hand, US President Joe Biden‘s Administration says Biden would veto (prevent) any legislation that would allow highly regulated financial firms to custody Bitcoin  and crypto 🤦‍♂️ 

Choose wisely!

Robinhood earnings beat estimates 🔥 

For the first quarter of 2024, Robinhood reported a 224% increase in crypto trading volumes to $36 billion.

They reported custodying $26.2 billion worth of crypto for users, marking a 78% rise from last quarter.

The performance surpassed industry expectations, with its reported revenue of $618 million beating a $534.5 million estimate by investment research firm Zacks by 15.6%.

Q1, 2024 marked their second straight profitable quarter with a net income of $157 million!

📊 Stats

Educational 📔 

Analyzing the fear & greed index over the years 👇️ 

• From the images below, we can see that even in a bull market, ~30-40% of the days of the year, the market is in fear. (2018 & 2022 were bear markets, and remaining years were bull markets)

• An approximate of 70-80 days are in Extreme Greed (When the market is euphoric). This is a good indicator to identify the market cycle top & start to take profits accordingly.

• Note : 2024 data is limited to March 2024.

Chart of the day 📈 

BNB/USDT (1H) (Short)

Confluences & Rationale :

• 1H Premium zone

• 1H Swing order-block

• 4H order-block

• OI divergence

• No momentum on 15 mins / 1H RSI

• Horizontal resistance

• BTC dominance at support

• Note : None of the content posted here is Financial Advise. This is for educational purposes only.

🤣 Meme of the day

Altcoin investors be like 🤣 

That concludes our update for today!

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