Adapt and overcome the volatility - On-demand TA

From Bitcoin's dance around the $63,000 mark to Solana's intriguing support at $155, we're covering it all. But that's not all – we're also shining a spotlight on rising stars and meme coins that are defying market trends.

Whether you're a seasoned trader or a curious observer, this report promises to equip you with the knowledge to navigate these turbulent waters.

Let's dive in!

Disclaimer: This is 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 RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

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Bitcoin (BTC)

Bitcoin has faced a significant challenge as it failed to reclaim the $66,630 level and is now eyeing the blue box zone around $63,000. This area is crucial as it holds multiple tests of support and resistance, making it a key level for determining Bitcoin's short-term direction. We emphasize the importance of remaining balanced and understanding the inherent risks involved in trading. Given the current market conditions, it's critical to stay patient and wait for Bitcoin to find its support before making any significant moves. The market's volatility necessitates a strategic approach, focusing more on risk management than active trading during uncertain periods.

As Bitcoin trades near $63,100, a key price point, the market's reaction will be pivotal. If it holds, we might see a minor bounce, but if it fails, further downside could be expected. This cautious approach is underscored by the broader market sentiment and the need for investors to remain adaptable. We highlight the importance of not getting overly optimistic during price rises or too disheartened during declines, maintaining a balanced perspective, and being ready to adjust strategies as new market contexts emerge.

Solana (SOL)

Solana has also experienced a downturn. It is currently trading around $160-$164, with a critical support level at $155. We note that if this level doesn't hold, Solana could see further corrections due to the rapid and volatile nature of its previous upward move. This correction is viewed as natural market behavior, where drastic expansions are often followed by significant pullbacks. The emphasis is on waiting for demand before making any moves, illustrating strategic patience in handling volatile assets.

If Solana dips to $143, a potential accumulation opportunity might arise. We express a willingness to accumulate more spot positions at these lower levels, reinforcing the importance of strategic entry points. By analyzing market movements and understanding the broader context, traders can position themselves advantageously. Solana's current phase underscores the need for careful observation and readiness to capitalize on lower price points, maintaining a disciplined approach amidst market fluctuations.

Ethereum (ETH)

Ethereum is another asset under scrutiny, and we note an impending trade setup as it approaches key levels. We think that not much might happen over the weekend, but we're watching closely to see how news and market dynamics play out. If certain levels come into play, we are prepared to take action because of our high conviction in those areas.

The frustration lies in the volatility that has blown expectations out of the water, but we remind ourselves that Bitcoin's support levels give some security. As Bitcoin tends to bleed less than other assets, Ethereum could break lower than its current levels, presenting both risks and opportunities. Our strategy involves careful monitoring and readiness to act based on our analyses, reinforcing the need to stay balanced and adaptable in our trading approach.

Injective (INJ)

Our stop loss was hit for Injective, resulting in a minor loss. We risked a small portion of our account on this trade, and although it was a good decision, it just didn't play out this time due to market news. This is part of the trading game, and we must now readjust and look for better opportunities. We have removed Injective from our current focus and will leave it for now.

Pendle (PENDLE)

Pendle has come down to our key level, but we are not taking any action until Bitcoin settles and shows support. The market is moving downward, and we need to be patient to understand the context. When the market is selling off heavily, it's best to wait and see how things play out before making any decisions.

Dogecoin (DOGE)

Dogecoin did not hold up at its previous price point, around $0.10. We are analyzing multiple assets to understand market sentiment better. By doing this, we can gain more clarity and make informed decisions. We'll see how Dogecoin holds up and whether it presents a new buying opportunity.

Thorchain (RUNE)

Rune is approaching the blue level we mentioned previously, which aligns with an inverted head-and-shoulders pattern. This is why patience is crucial. We had opportunities ready but chose to wait for the market to unfold. We must remain cautious and analyze how Rune reacts at this level before making any moves.

Kaspa (KAS)

KAS is still trading quite strong, and we want to see it trade above its current level for some time before considering any action. If it does, we could capitalize around the 0.19 mark. However, we'll wait for more trading to occur and for the market to stabilize before making any decisions.

Nosana (NOS)

Nosana has traded down even lower, reaching interesting levels on the Fibonacci scale. The next point of call is around 1.78 to 1.8. We accumulated Nissan for some time, but now it's begun to bleed out due to the overall market conditions. It was uncorrelated for a while, but now it’s reacting to broader market movements.

Fetch (FET)

FET is holding up nicely and not selling off much compared to others. It isn't qualifying for any action just yet, but it's interesting to see it maintaining its position. We'll keep a close eye on it as the market evolves.

Kujira (KUJI)

Kuji has bled out today, which is interesting to observe. We had a buy box for Kuji in our report, but it has fallen drastically. We'll watch how it reacts at this level. If it gets back into the buy box, it might not be too much of a problem. However, it currently looks bearish and lacks liquidity and interest.

Astar (ASTAR)

Astar becomes interesting once it gets back into the price region between $0.084 and $0.0950. It has shown some signs of demand, but we need to see it in that specific price region before becoming optimistic.

Shiba Inu (SHIB)

Shiba Inu is holding up relatively nicely around its yellow level. The chart looks strong compared to other assets, which is promising. We’ll keep monitoring it to see how it performs.

Pepe (PEPE)

Pepe's chart also looks strong, with significant moves to the upside and corrective moves to the downside. It appears stronger than many other assets in the market.

Popcat (POPCAT)

Popcat experienced a significant correction, and we anticipated this possibility. We've seen 70-80% corrections before, and it’s important to be prepared for these moves. Understanding the ebbs and flows of Popcat will help us take advantage of future opportunities when the asset is undervalued.

DogWifHat (WIF)

WIF has crept back under the $2 price point, which we see as a potential accumulation zone. We’ll monitor how it holds up and consider accumulating between $1.5 and $2 if it stabilizes.

USA

USA is still respecting its current levels, showing a corrective move. We’re watching a wedge forming, which could indicate a future pop. We need to see how it continues to respect this level.

Doland Tremp (TREMP)

Tremp has come down to the lower side of its buy box. If it reaches this level, it could present a nice opportunity, as we have seen similar recoveries before. We’re staying patient and ready to take action when the time is right.

Cryptonary's take

We encourage everyone to stay patient, vigilant, and active. The current market conditions require a strategic approach, focusing on understanding the broader context and being ready to adapt. The community support in the Discord channel has been incredible, and we urge everyone to continue helping each other. This collective effort will help us all navigate the market's ebbs and flows successfully.