The market saw a major descent last week. Over almost a billion dollars were liquidated, and investors and traders alike were left with a burning mystery roaming their brains… “Was this just the start?” We’re known for spotting trends before they emerge. Unfortunately, we weren’t totally right with our previous prediction of BTC bottoming at $28,750, but we sure were right about something else… A rally is coming. The recent drop only opens the door to new and more interesting opportunities. Even though this is a difficult time, we’re already winning because we know better times will come – it’s just a matter of time. Prices are down, our carts are empty, and our pockets are ready to scream, “Pump it!” 🚀

TLDR 📃

• Last week, the market saw almost a BILLION dollars liquidated. 
• The liquidation brought BTC’s price to its $25,150 support level, which we believe will be tested again soon. From there, we expect the market to start rising again.
• Despite our bullish expectations not being met entirely, BTC is still bullish on the higher timeframes. A rally remains possible.
• Altcoin prices are intriguing. Most have reached major accumulation areas, and retail investors will not wait to jump at these new opportunities.

[player id='282881']

The audio version of this weekly analysis is available here.👆

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 quickly understand our analysis. They are not signals, and they are not financial advice. Any capital-related decision you make is your responsibility and yours only. 

Lightning is about to strike again ⚡

The two lightning tokens experienced a crazy performance recently, but now’s the time to reposition.

THOR | THORSwap

Just today, THOR saw a 33% descent, bringing its price back to $0.20. Assuming this level holds, we have a golden opportunity to get in on THOR again – and we don’t plan to waste it. Our ideal entry-level on THOR is now $0.20. Today, we saw a lot of demand once THOR dropped under that level, which makes us believe buyers are eager to push the price higher. Want a simpler outlook on our game plan on THOR? Here it is 👇 Entry: $0.20 Target: +$0.45 Invalidation: Daily closure under $0.20 Considering $0.20 is lost, the (next) best buying level would be $0.13. THOR has created its momentum - it’s not highly influenced by Bitcoin’s price action anymore, but it can still cause some volatility.

RUNE | THORChain

Unfortunately, the mighty level of $2 is a major resistance level, and RUNE will need a lot of strength to push through. In the meantime, let’s look at the possibilities…

What will happen to RUNE this week?

First, let’s go over what happened – RUNE saw a massive surge to the $2 resistance level two days ago. Now, its price is battling $1.67 as support, which leaves us with two scenarios to look forward to: 🚨 Scenario | #1 RUNE manages to hold $1.67 as support, from where a secondary bounce can occur back to the $2 level. Considering its volatility, this scenario is likely, but not our most anticipated. Entry: $1.67 Target: $2 Invalidation: Daily closure under $1.67 🚨 Scenario | #2 RUNE fails to hold $1.67 as support and drops to $1.43 instead. From a risk/reward perspective, this level is a much better entry than the one in our first scenario. Entry: $1.43 Targets: $1.67 | $2 Invalidation: Weekly closure under $1.43 Note that these are short-term opportunities only. You can check our long-term conviction on both THOR & RUNE here.

Total market cap

The Total Market Cap (TOTAL) index represents the entire cryptocurrency market. We track this index to understand the overall market and predict where it will go.

Altcoins market cap

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

Cryptonary’s portfolio 📁

ETH | Ethereum

DYDX | dYdX

ARB | Arbitrum

Cryptonary’s Watchlist 🔎

LDO | Lido DAO

DOT | Polkadot

SOL | Solana

MINA | Mina Protocol

ASTR | Astar Network

OP | Optimism

The king is exhausted, but not for long 👑

BTC will always have the primary attention in crypto. Its price action determines the market’s trajectory, so let’s see how it might develop in the coming weeks. BTC | Bitcoin

Some might think Bitcoin left the market in a rumble, but we argue otherwise. Last week’s performance only provided new and better opportunities for us to capitalise on. Lower prices, high rewards, and we’re all here for it. The price of BTC found a lot of demand after testing $25,150 last week. Although this hints at another pump, the opposite may happen. Usually, prices tend to range and drop following a significant descent in the market. For a while (1-2 weeks, could be more), we expect the market to remain stagnant and on its way to testing previous lows. In this case, BTC will slowly head back to $25,150 for a second retest as support – that’s when you should start filling up your carts.

Cryptonary’s take 🧠

Our expectations for the market haven’t been met. 

The technicals screamed for the bottom at $28,750, but a few sudden turn of events invalidated our thesis. Now, the time to reposition is here. We have a new major level at our feet for BTC at $25,150. This will act as our next threshold, which, if crossed, can lead to a significant downside and the end of the much-anticipated rally. However, we’re confident that’s not going to happen. Next week, we’ll give you a fresh insight into what to expect for September as the monthly closure lurks. Stay tuned; we might end Q3 with a bang.

Action points 🎯

1. We expect the market to range for a while and revisit previous lows. Only then can buyers have a chance at redemption.
2. RUNE & THOR have been hot topics during the past two weeks. Despite their outstanding performances, we don’t think buying to hold is a good idea. Their prices will most likely retrace, so why get greedy?
3. Despite many altcoins sitting at amazing levels, losing their nearest support will lead to more downside. Therefore, we’d recommend risking off if the circumstances change and altcoins start plummeting.
4. Got more questions? Hit us up on Discord in the “✍️・traders-pit” channel!

As always, thanks for reading.🙏

Cryptonary out!