Four bold bets to snatch profits from the bear

For some people, it is because they love decentralised technologies. But most people are here for the money – and that’s not bad either. 

If your end game is to have an admirable long-term portfolio that can generate enough money to fund your lifestyle, you can only get there by surviving through the tough times. And even better, by coming on top when the charts are red.

So, Cryptonary, “How can I beat the odds”? 

Well, we have some ideas to get you started.

In today’s technical analysis, we share three assets that can beat the bear during September. And what’s more? We include a one-of-a-kind wildcard - a high-risk, high-reward moonshot that could change the total performance of your portfolio. Curious? Let’s dive in!

TLDR 📃

• We expect a boring and bearish month for crypto, but these four assets will fare better than the rest. 
• SPOILER alert: SNX is making a comeback!
• WINR is the wildcard of the week. Interestingly, the token is from the GambleFi space – a bet in the truest sense of the word.
• The market could rapidly shift; we recommend cautious optimism if you are making a place in these assets.

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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.

Cryptonary’s portfolio 📁

Our portfolio contains BTC, ETH, ARB, DYDX, LDO, SNX, FXS, LBR, THOR & XAUT, but these are two assets you should have your eyes on right now…

BTC | Bitcoin

If we had to put our expectations for September into an emoji, it would be “😴”. Bitcoin had some wild swings last week. In 24 hours, the price of Bitcoin surged by 7% but then dropped by approximately 10%. In simpler terms, all the buying from last week was met by even more selling. Ordinarily, such market movements usually signal a bearish month ahead. However,  the price of Bitcoin still sits above support, and only a weekly closure under the support level can confirm more downside. For now, $25,150 is our closest shopping centre, and we’d be happy to buy more BTC at that price for the long term. But peep this - September is historically known to be a bearish month for crypto. Want to learn more about that? Check our latest monthly report here. 

And while that can be depressing, a bearish outlook makes it easier to spot the outperformers. Of course, when Bitcoin dumps, the market tends to follow, but there are always those tokens that defy the odds.👇

SNX | Snythetix

Is SNX nearing a rise?

SNX has been struggling to find its feet since July after it saw a rejection from the $2.80 resistance level. Now, it is being tested on a local supporting channel and could find the demand it needs to scale through. We’re going on a limb here by saying that SNX will close as a bullish engulfing candle and will likely see an upside to $2.80 in the coming weeks.

Cryptonary’s watchlist 🔎

Our watchlist contains DOT, SYN, OP, LDO, ASTR, RUNE, SOL & MINA. But today, only two assets take the spotlight…

DOT | Polkadot

If we talk opportunities, DOT earned a spot on the golden list.

Its price reached a major accumulation area that has acted as a safe haven for the past eight months. Whenever we tested the $4.35 - $4.225 region, DOT’s price saw immense demand, often pushing its price back higher. The current support region acts as an ideal buying point. Why? First of all, the odds of DOT dropping under support are slim. After all, the only catalyst for that would be if Bitcoin were to see a loss of $25,150, but by that point, the entire market will be primed for more downside. Second, the reward is much higher, considering we’d buy an 8-month-old bottom. We’d happily take this risk/reward ratio above any other in the market. However, you must still be cautious - the market is uncertain, and things can easily go south for DOT. Don’t put all your trading/investment capital in one token.

OP | Optimism

Since losing $1.557 as support three weeks ago, OP has been on a steady path to the $1.25 - $1.15 support region. We expect its price to reach this region in September, from where it potentially finds demand and starts shining again. From there, our first target sits at $1.557.

Cryptonary’s wildcard 🃏

Did anyone shout “casino”?

WINR | WINR Protocol (1D timeframe)

Today, we have the pleasure of introducing a GambleFi token as a wildcard; here’s where the fun begins. 👇

WINR has been rejected from resistance ($0.70). 

Since then, its price has slowly descended toward the $0.03350 support level. To fully capitalise on this opportunity, we will wait for WINR to reach support and start looking for trades there. This strategy increases our reward (final target becomes $0.70) and reduces our risk, as only a weekly closure under $0.03350 will be necessary for an exit. Since we discussed risks, you must know that several individuals - investors, contributors, advisors, and team members - have WINR allocations. They will be unlocking their tokens over the coming months, which usually results in a supply glut. Therefore, there’s a risk that WINR’s price will drop or consolidate for longer. However, we’ve noticed a gradual token unlock that will likely continue throughout the rest of 2023, which means there may be lower odds of a supply glut. Still, we recommend proactively taking profits and not getting greedy on WINR.

Cryptonary’s take 🧠

We can’t deny the facts - the market took a major hit last week despite getting some tailwinds from Grayscale’s SEC win. 

And now, we’re back to square one. Taking advantage of short-term opportunities is vital in creating a healthy long-term portfolio. 

Short-term opportunities allow you to increase your overall capital, but you also take advantage to the fullest extent of what we all know and love about crypto - VOLATILITY. It’s a dangerous tool but quite useful when used correctly.

Action points 🎯

1. We expect September to be bearish for crypto, but some assets will continue to perform well. Out of the ones we’ve covered in this article, SNX is the safest bet.
2. These tokens can either pump like there’s no tomorrow or consolidate for longer periods. Do your research and develop a rock-solid strategy for responding to either scenario.
3. WINR is a short-term opportunity; treat it as such. It has some token unlocks that can affect its price action; keep this in mind and take profits aggressively.
4. Got more questions? Hit us up on Discord in the “✍️・traders-pit” channel!

As always, thanks for reading.🙏

Cryptonary out!