Market Analysis

12 charts that show the market’s slow slide isn’t over | May 4th

Updated: Aug 31, 2024

Published: May 4, 2023

Thirsty travellers imagine a lush oasis in the desert, but it’s just a mirage.

That’s what the crypto market’s like these days, but instead of an oasis we imagine a rally.

It’s time to get real.

Investing 101: BTC is at resistance. You don’t buy at resistance.

Be patient. The time to buy will come. For now, just sit back and let market dynamics play themselves out.

TLDR 📃

BTC is still headed for $25,150 unless $32,000 is reclaimed on the weekly timeframe.
Just wait. Preserve your capital and your mental health by keeping your fingers off the Buy button. You’ll thank us later.
Most altcoins have been rejected from resistance and are now heading lower to test their nearest support levels.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the R:R trading tool to help you understand our analysis very quickly. They are not signals and they are not financial advice. Any capital-related decision you make is your responsibility and yours only.

Total Market Cap (Weekly)

The Total Market Cap index represents the entire cryptocurrency market. We track this index to understand where the market is now and predict where it will go next.

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Altcoins Market Cap (Weekly)

The Altcoins Market Cap index represents the entire valuation of the altcoins market: all coins other than BTC. Bitcoin | BTC (Weekly)

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Ethereum | ETH (Weekly)

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Binance | BNB (Weekly)

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Ripple | XRP (Weekly)

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Cardano | ADA (Weekly)

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Dogecoin | DOGE (Weekly)

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Polygon | MATIC (Weekly)

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Solana | SOL (Weekly)

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Polkadot | DOT (Weekly)

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Litecoin | LTC (Weekly)

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Cryptonary’s take 🧠

Yes, the market could take the bullish route with Bitcoin breaking $32,000 and heading to $40K and beyond. It’s not impossible, but it's unlikely.

You want the odds to stay in your favour, and that means you should respect what the market’s telling you. The slide is going to continue for a while.

Action points 🎯

Stay on the sidelines and wait until targets are reached. You wouldn’t want to buy at resistance, would you?
If you decide to short or long the market, do so with proper risk management strategies in place. Never risk more than you can afford to lose!

Visit our Discord community with questions and comments. ✌️