How high can we go?
We believe there’s more upside on the cards. However, like all scenarios, this one requires a confirmation, and there’s a little room to wiggle until we have that on our hands.
Let’s dive in and see what awaits us.
TLDR 📃
- Bitcoin is back inside the $28,750 - $32,000 resistance region. We need to break this for more upside.
- More upside is expected across the board, but Bitcoin will be the outperformer because its dominance has been increasing and will continue to do so.
- Some altcoins are heading for resistance. For more upside, those levels need to be broken.
- ETH is on a crystal-clear path to $2,000.
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
The Total Market Cap (TOTAL) index represents the entire cryptocurrency market. We track this index to understand where the overall market is now and predict where it will go next.
Altcoins market cap
The Altcoins Market Cap (ALTS) index represents the entire valuation of the altcoins market: all coins other than BTC.
Ethereum | ETH
Cardano | ADA
Dogecoin | DOGE
Polygon | MATIC
Solana | SOL
TRON | TRX
Ripple | XRP
Binance | BNB
Bitcoin | BTC
BTC is totally crushing it right now!
In just seven days, its price jumped by over 20% after taking $25,150 as support. Who would’ve thought this could’ve been the bottom? Well, guess what? We totally saw it coming. We're pretty slick like that. 😏
But here's the thing, this rapid rise has got us wondering. Will it lead to quick price exhaustion? Could Bitcoin hit a peak somewhere between $28,750 and $32,000 again? Very possible. But you know what? We wouldn't be shocked if BTC actually breaks past $32,000 either.
For us to be super confident about a major uptrend, BTC needs to close above $32,000 in the weekly timeframe. And if that happens, buckle up because we could be heading straight for the $48,000 level.
If you thought that’s all, here’s another interesting thing about BTC…
This is the Bitcoin Dominance chart. It shows us Bitcoin’s market capitalisation in comparison with the total crypto market capitalisation.
As you can see, this baby has been rising for a while, and it recently broke past a 2-year-old resistance region. Buckle up, we’re going to see it rising higher and as a result, Bitcoin will outperform, leaving most of the altcoins market behind.
Cryptonary’s take 🧠
The market took a very positive turn in a blink of an eye. Although that does come with its doubts, we shouldn’t ignore the potential either. We have a real chance at some crazy upside in Q3, but there are levels that still need to be taken out before we can call that reality, such as $32,000 for BTC and $2,000 for ETH.
Nevertheless, the market is in a way better position than it was a few weeks back, and we’re now more optimistic than before.
Action points 📝
- Avoid FOMO. If you missed the pump, don’t try to catch it now. Wait for BTC to take on $32,000 and flip it into support first.
- Taking profits is never a bad decision. If you made serious stacks in the past week, then you might as well take some out.
- Got questions? Hit us up on Discord in the “🌎・general” or “🆓・alpha” channels. We’re happy to help.
Thank you for reading.
Cryptonary, out!
Recommended from Cryptonary
