Risking-on at the right time doesn’t happen often. You buy, and the market dumps like there’s no tomorrow. It’s almost like the market makers have been waiting for you to buy so they can start selling. 

We’ve all been there at least once before. But there are times when you do buy, and the market magically starts surging. Statistically, we’ve been quite good at timing when to risk-on and when to risk-off, and we believe now is the time to get greedy. Of course, we have very strict invalidations for each of our scenarios. Being greedy at the right time is one thing; being blind is another.

TLDR 📃

• Since testing $25,150, Bitcoin has been mirroring a move from June. Spoiler: It’s bullish. 🐂
• ASTR built up its momentum despite the market’s volatility. It has now become a top opportunity for us in the short term. 
• There is one token that threw an insane play right on the table for us to grab. Will we take it?
• A recovery is likely, but we’re being cautious. Crypto usually tends to surprise us just when we think it cannot.

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. 

ASTR is A STAR ✨

We highlighted ASTR’s potential in last week’s report, so why not check that out here so you’re quickly looped in? When it comes to ASTR, it's all about the momentum. Since June, the asset has created such an impactful momentum that Bitcoin’s price action barely affects its price. For example, ASTR completely recovered and even broke above its previous high after the dump from last week. There’s no reason not to see the upside here; we have the perfect plan to capitalise on the hype. 

Put simply, $0.06328 is the ideal entry, and the final target is $0.075. All that’s left is for ASTR’s price to retest $0.06328 as support, and the run is on!

The underdog of Q3 🐕

During this quarter, Synapse has been that one shy friend we all have in our group. You know, the one that rarely talks yet has the most interesting things to say when he does. And let us tell you, SYN has some juicy stuff to share…

For most of August, SYN’s price saw a continuous downside. People started to believe the project was dying as its price rapidly approached an all-time low, yet we saw an opportunity we couldn’t miss. Buying at the current prices provides one of the highest R/R you can find in the current market. In retrospect, you’d be buying at the all-time low, hoping the asset can hold it as support. Now, we have to be real. There’s a major risk in play, and that’s SYN entering downside price discovery. In fact, a new all-time low was set on August 23rd, but the demand we’ve witnessed after this event said something completely different –  a bottom might form here. A weekly closure under $0.4250 will be like the bat signal to us, as it is for Batman. Once we see it, we start running.

An opportunity that’s two years in the making 🗓️

AVAX has been in a downtrend for the past months with very little upside. Despite a few surges in the general market, AVAX hasn’t seen anything interesting for a while. That was the case until now…

The asset reached a 2-year-old support region ($10.70 - $9.30), making it an amazing place to start accumulating. AVAX’s trend has been bearish for more than a year now. The highs are getting lower; the lows are getting flatter, leading us to believe we will see an explosive move in the coming months. Although there could be short-term opportunities here, we’d categorise this as a long-term play.

From rags to riches 💰

When it comes to SOL, the chart is pretty simple to digest.

The asset has been on the path of recovery since the FTX f*ck up, and surprisingly, it’s almost there. But that’s not actually what matters when searching for opportunities… SOL reached an important support region ($22 - $19), which was quite common in 2023. We expect a strong bounce from this region if market circumstances play along and our target is $30.

How likely is a market-wide recovery? 

Short answer – very likely.

Last week’s performance left investors on the verge of quitting. In retrospect, we say the dump was needed because it opened doors to new opportunities, and we believe a market-wide recovery will be priority one. The price action from March - June is similar to what’s happening now. Initially, we saw a major pump, followed by a peak and weeks of downside and consolidation. The market we’re in now mirrored that exact move, bringing us back to $25,150. Simply put, the chances of Bitcoin recovering from $25,150 are very high. This level has been definitory in the ‘22 - ‘23 market, and it would be a shame to ignore such an opportunity. Most prices are down, so we’re going shopping 🛒

Cryptonary’s take 🧠

There’s no denying that the market is prompt to more upside, but there’s a fine line between possibility and reality. For now, we’re taking on a decent amount of risk, hoping that we’re right and the market does recover. And… let’s be real – the current prices are too intriguing to ignore. Leaving opportunities aside, buying now will most likely end up in profit in a long enough timeframe. It’s all about perspectives and which one you choose to adopt. On August 25th (tomorrow), we will drop a brand new SITG edition, where we’ll dive into the new investments and trades we plan to take to outperform the market. Make sure you check it out!

Action points 🎯

1. SYN & AVAX are both sitting in major accumulation areas. These two will bring the highest returns if market conditions remain stable. If not, we’ll have a setback for the inevitable - GAINS.
2. While SYN & AVAX are more mid-long-term plays, SOL & ASTR are short-term opportunities. If their targets are reached, profits should be taken and reinvested for the long term.
3. Got more questions? Hit us up on Discord in the “🌎・general” channel!

As always, thanks for reading.🙏

Cryptonary out!