Roaring Kitty Boasts $85M Unrealized Gains from GME 🙏

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• Bitcoin held it’s crucial support at $67,200 so far. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• A break of this key level will shift the bias to slightly bearish.

• $70,600 is a key resistance for BTC before aiming for new all-time-highs.

• BTC dominance is being rejected from54.8%. 54.05% is the next support for BTC dominance, and good alt-coin trades on an intraday basis could be found while BTC is looking to test that support level today.

Roaring Kitty is back ❗️ 

GameStop (GME) stock surged 21% on Monday after Roaring Kitty (Keith Gill) posted a screenshot on Reddit showing a $175 million investment in the video in the stock.

He is holding 5 million $GME shares and 120,000 call options with a $20 strike price expiring on June 21, according to a screenshot he shared. Despite being $85,460,000 unrealized profit, he has not yet sold any of his position.

As per WSJ reports, E-Trade, the Morgan Stanley-owned brokerage Gill uses, is considering banning him from the platform over potential market manipulation concerns.

The stock closed at $28 today, a 21% increase in a single day.

Australian Bitcoin ETF’s go live today 🙏 

Australia's first spot Bitcoin ETF with direct BTC holdings is now live. Monochrome Asset Management launched the Monochrome Bitcoin ETF (IBTC) on Cboe, making it the first of its kind in the country.

Unlike two other crypto exchange-traded products on Cboe Australia, IBTC holds actual bitcoin. It tracks bitcoin's performance in Australian dollars, with the cryptocurrency securely stored in "cold storage" by Coinbase.

Monochrome applied for approval as recently as April, and the swift approval highlights Australia's efforts to stay aligned with global trends in crypto-related ETFs.

📕 Educational

🚨5 Key Signals to spot a Potential Bitcoin Market Top

1/ ETF Outflows: ETF demand drives BTC rallies. Watch for outflows from major ETFs like BlackRock & Fidelity. Persistent & sizeable outflows = reduced investor confidence and potential market top.

2/ Open Interest Trends: Rising Open Interest outpacing BTC price gains on a macro scale often signals a correction. If OI surpasses price, expect a downturn. Historically, this means a steeper correction can follow.

3/ Retail FOMO: Retail mania = market top. Signs like Coinbase app hitting #1 on the App Store mark euphoric phases. Major corrections in 2017 & 2021 started ~2 weeks before/after such events. When retail piles in, smart money may exit.

4/ Bitcoin Dominance: BTC dominance falling to ~40% often marks peaks as profits rotate into altcoins. A sharp decline in dominance indicates an overheated market & potential warning sign.

5/ Chart Indicators: Divergences on Weekly RSI or closes below 21 Week MA / 50 Day MA indicate losing momentum. These can signal the top is near or already in.

Source : Asva Ventures

📊 Stats

📈 Chart of the day

• Rationale :

• 4H Bearish orderblock

• 1H Premium Zone

• 4H Horizontal Resistance

• 4 bearish divergences on 4H

• Interpretation : If BTC.D gets rejected as shown in the charts, alts will outperform BTC in the short-term. This means that if BTC remains stable, alts can rise, and if BTC falls, alts could remain relatively stronger and dip lesser than BTC.

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

Pretty accurate 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!