Crypto crossroads: Is this the bottom? | June 19th

Now, we won't sugarcoat it; we need to tackle a few pesky obstacles before the market starts pumping again. 

But, to the bigger question on your mind. “Is this the bottom?”

The short answer is: maybe. 

The technicals are certainly pointing in that direction. But here's the kicker; the macro situation has thrown a curveball, which could change how things pan out. Still, there’s a decent chance that this is the bottom, and we’re making sure you’re aware of it. Let's dive in!

TLDR 📃

• Bitcoin is at support ($25,150). However, there’s one minor obstacle it needs to tackle before heading to $28,750 or higher.
• ETH closed under support ($1,740). More downside is likely unless we see it closing back above that level.
• One token is in what we call “the steal zone”; it’s a steal to accumulate at these levels.
• There’s upside across the board, but a significant amount of risk is still involved.

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 the overall market 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.

Cryptonary's portfolio 💼

ETH | Ethereum

DYDX | dYdX

HEGIC | Hegic

Cryptonary's watchlist 🔎

DOT | Polkadot RUNE | THORChain

SOL | Solana

SYN | Synapse

SYN is in the "steal zone", and here's why...

First of all, what you’re seeing on this chart is a potential triple bottom. Don’t know what one of those looks like? Here’s a clearer visual 👇

SYN’s current price is forming the third bottom, and we believe it will bottom inside the grey region and reach new highs from there. This is a setup that we will be tracking over the coming weeks, maybe even months, so patience is key here. The triple bottom is confirmed only when the neckline ($2 - $1.80) is broken.

MINA | Mina Protocol

Astar | ASTR

THOR | THORSwap

OP | Optimism

SPA | Sperax

LDO | Lido DAO

BTC | Bitcoin

What you’re seeing is true… BTC is at support. But will this be the bottom? 🤔

Over the last two months, BTC kept testing this little resistance channel, marking a local top after each test as resistance. That makes you wonder… will it be able to break above it at some point? We believe so. That’s what we’re waiting for before confirming more upside. A break of the channel is necessary for BTC to head to $28,750 and above. However, the main priority should be holding $25,150 as support. If  BTC loses that level, the market will get bloody real fast🩸.

Cryptonary’s take 🧠

Look, there’s a solid chance this is the bottom, and we’re not turning a blind eye to that possibility. However, we can’t ignore the risks either, so we’re taking the safer approach here. With all the drama surrounding that Binance vs SEC lawsuit, the market has turned into a swirling vortex of uncertainty. And let's be real, only a few people out there are itching to dive headfirst back into the action. That makes consolidation for weeks, maybe even months the probable outcome, but it doesn't mean a bottom cannot form here.

Action points 🎯

1. Play it smart and wait for BTC to bust through its local resistance channel before diving in.
2. If you must dive in, answer the question: “If X happens, what’s my play?”.
3. Apply your answer to bearish and bullish scenarios.
4. Got more questions? Hit us up on Discord in the “📉technical-analysis” channel. 

Thanks for reading; Cryptonary out.