We've also added in one coin that we're going to look to build a position in as we expect the risk-on environment to return in the coming 4 to 6 weeks.
A big couple of months are coming up. This is the time to be turning up and be on your A game. Don't waste the opportunity that the next months and quarters will bring.
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.
BTC
- While Open Interest has increased by approximately 20% in the past week, it is not at frothy levels that would indicate there is too much leverage, and a flush-out is imminent.
- Bitcoin broke out from the downtrend line and reclaimed some key levels.
- The most standard of these levels is the horizontal level of $63,400, with Bitcoin now pulling back to retest it as new support. If it holds, this is a bullish structure.
- Bitcoin is currently forming a bullish pennant. These patterns tend to have a bias to break out to the upside.
- If price cannot hold above $63,400, then the next horizontal support is at $60,800. If price breaks lower from here, we expect $60,800 to hold.
- To the upside, $68,900 remains the key horizontal resistance. Beyond that, $71,800 is the major breakout level.
- The RSI is in healthy territory here, up-trending, and still nowhere close to being overbought.
Cryptonary's take
Bitcoin has shown substantial strength recently, clearing through a number of important levels and now sitting on top of a key horizontal support ($63,400). It's likely that Bitcoin remains range-bound in the short-term between $60,800 and $68,900.If price does return to $60,800, we'd be inclined to buy more Bitcoin. We're open to the idea that price can be range-bound for more weeks, but we're ultimately very constructive on the market as a whole at the moment, and we expect the market to likely grind higher.
BTC:
ETH
- Like Bitcoin, ETH has also moved up substantially following the formation of the bullish divergences.
- Price has now encountered resistance at the $3,485 horizontal resistance that we noted last week.
- However, price is forming a bullish pennant pattern (bias to break out to the upside) and is also squeezing into the main downtrend line. If price can clear above $3,530, this is a bullish setup overall.
- To the downside, horizontal support is at $3,280. We expect that level to hold in the short term.
- To the upside, the major level to break out of is $3,960. However, the key levels between this breakout zone are $3,485 and $3,720.
- Again, like Bitcoin, ETH's RSI is up-trending and not close to overbought territory yet. This is a positive setup for price action here.
Cryptonary's take
We believe the ETH ETF narrative is much stronger than participants suggest. We think the flows could be good and more than what the market is expecting. Therefore, we are bullish on ETH over the short and medium term.Whilst it's possible that ETH pulls back slightly here first, potentially to $3,280, we're actually constructive on ETH even though it's at resistance. If there is a breakout for price above $3,485 - $3,530, which we believe we can get, we could expect to see a relatively swift move up to $3,720 in the short term.
ETH:
SOL
- SOL's chart from a technical structure looks fantastic here.
- Price has moved up and is now pressing into the horizontal resistance at $162, along with the main downtrend line.
- If price can clear $162, then that sets SOL up to attempt breaking out of the downtrend line. Upside targets in the short term following a breakout would be $185 - $190.
- On the downside, there is support at $152. We expect SOL to hold above this level in the short term.
- The RSI is up-trending but still not close to being overbought. This is a positive setup for SOL.
Cryptonary's take
We're really constructive on SOL and the whole SOL ecosystem. While it's possible there will be a slight pullback for SOL in the very short term (to perhaps $152), we do expect further upside for SOL in the short and medium term. Price is currently at resistances, though, so we're not sure we'd open fresh Long positions into this, but we'd certainly feel good holding Spot positions for the short and long term here.A pullback is possible in the immediate term, but really, we're expecting a more substantial upside.
SOL:
WIF
- A brilliant reclaim of a key level, and now the overall move and structure of the setup is looking super clean.
- WIF formed support at $1.50 - $1.60 and has now bounced substantially from there.
- The key level to reclaim was the prior range low/support, which was $2.20. WIF now looks to have comfortably achieved that.
- If price pullbacks slightly, you'd want to see $2.20 become new support and price bounce from there.
- WIF has now moved back into its old price range between $2.20 and $3.05.
- The RSI is up-trending and nowhere near overbought territory as of yet. Bullish.
Cryptonary's take
Overall, the setup here is super positive. Price is back into and has reclaimed the old range of $2.20 to $3.05. A breakout of $3.05 would likely send WIF swiftly to its all-time highs, which we think are just a matter of time.Ultimately, we've seen a really healthy resetting over the past 6 weeks that has set WIF up to retest its highs in the coming months, and then a breakout of $5 could swiftly send WIF to $10 in the medium term following a breakout.
The time to get positioned was when we said we were slowly adding to our positions in the $1.60 range. However, if you didn't get the size you'd have wanted or you just want more, we'd wait for a slight pullback. If that comes now, then the area to bid is $2.20. Over the coming weeks, we expect WIF to retest $3.05.
WIF:
POPCAT
- In the short-term, $0.90 has proven to be a resistance, perhaps sellers are frontrunning the $1.00 price.
- Price is now forming a descending wedge with a bullish bias to break to the upside. The target for this would be $1.10 - $1.20, but we do note the psychological barrier at $1.00 could be steep.
- If price does move lower, the area to retest, hold, and bounce from is the $0.70 area - the prior all-time high. We have already had a retest and bounce from this level, which is positive to see so far.
- $1.00 chart-wise shouldn't be a resistance for price from a formation perspective, but psychologically, it could be a resistance, as this would make POPCAT the first cat meme coin to hit the $1b market cap. This is something to just take note of.
- The RSI is close to overbought territory, and we have put in a bearish divergence so far. To invalidate it, price would need to break out to the upside of the descending wedge.
Cryptonary's take
We're super bullish on POPCAT and WIF. We believe these are two major memes that can perform phenomenally in this bull run (the next 6-12 months). Our long-term price targets for POPCAT are $3 - $5 as a base case, and if we really see a euphoric period for the market, then $10 for POPCAT cannot be ruled out.In the short term, we continue to hold our bags emotionlessly. Letting emotions step in in these types of plays is one way to lose your bags/holdings.
POPCAT:
TREMP
First things first, the narrative for the US Presidential Election seems to be that Trump is now the favourite to win after the assassination attempt. So, that gives us increased conviction in this as a play.The chart shows that price has been in a clean downtrend since early June. Although price broke out (on the failed assassination attempt), it rejected the $0.64 horizontal resistance.
Price has since pulled back to the horizontal support level of $0.40.
Beneath $0.40, $0.27 is a key horizontal support. So, we consider $0.27 to $0.40 a major support zone.
To the upside, the horizontal resistances are $0.64 and $0.91 for now.
Cryptonary's take
A number of you will hold TREMP already, but for those who are in the barbell strategy, TREMP is the play we're considering expanding out to as we expect the market to move to a more risk-on environment in the coming month or so.Our strategy will be to layer Buy orders between $0.27 to $0.38 (just beneath $0.40). If price went down and filled all orders, we'd get an average buy price of $0.325, which would give us a near 2x, just if price retests the horizontal resistance at $0.64.
We see now as the time to consider and even start adding more risk to the portfolio, and TREMP strikes us as a good play for that. If we can get an average entry close to $0.325, that could be a position that returns multiples. Over the coming days/weeks, we'll stay patient and look to build a position.
TREMP:
Recommended from Cryptonary
