BTC:

• Price has moved from the low $50k's to the local high of $60k, mostly driven by Spot buying and Shorts being squeezed.
• Funding Rates are close to flat/neutral here now.
• Open Interest has remained relatively flat and range-bound over the last few days.

Technical analysis:

• BTC bounced perfectly from the horizontal support at $52,800, and was driven up to $60k as over confident Shorts were squeezed.
• Price has now rejected just shy of $61k.
• Price is in a local uptrend and has now pulled back slightly to retest the potential support box between $56,500 and $58,200.
• Having moved higher, price was close to testing the downtrend line (red line). A breakout of the downtrend would likely see BTC retest $63,400.
• The next major horizontal resistance above price is at $63,400. We don't expect BTC to reclaim above this level in the short-term.

Cryptonary's take

Bitcoin has seen a nice relief rally over the past 10 days, however, price has put in lower highs and lower lows on a macro structure whilst volumes in the short-term have downtrended. The key event this week is the FED and the Press Conference. Currently, the market is just about pricing for the FED to do a 50bps Interest Rate cut, which we think the markets will actually like.

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.

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What is Bitcoin: Bitcoin (BTC) is the pioneering cryptocurrency introduced by the enigmatic Satoshi Nakamoto in 2008. It operates on a revolutionary decentralized ledger known as the blockchain and is widely regarded as digital gold due to its finite supply and secure, transparent nature. As the first and most recognized cryptocurrency, Bitcoin remains a cornerstone of the digital asset world. Bitcoin's all-time high (ATH) is $75,757. How to Buy:

• Via Centralized Exchange (CEX):
  1. Choose a CEX like Binance, Coinbase, or Kraken.
  2. Create and verify your account.
  3. Deposit fiat or other cryptocurrencies.
  4. Navigate to the BTC trading section and complete your purchase.

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ETH:

• ETH's Funding Rate has turn negative in the last 16 hours whilst Open Interest has substantially increased.
• This indicates that more traders are Shorting ETH here, and they may become vulnerable to a Short-squeeze, especially if bid returns to ETH here.

ETH funding rate:

• For ETH, we're using a more zoomed out chart to highlight the significance of the $2,150 horizontal support. We're viewing ETH on the 3D chart.
• If ETH were to lose the $2,150 horizontal support, this would likely open the door to a swift move down to $1,745. We're not expecting this level to be lost though, at least for now.
• ETH has broken out of it's local downtrend line, but so far price wasn't able to retest the underside of the local resistance at $2,557, which we initially thought would be very achievable.
• One positive is that the 3D RSI is close to breaking a downtrend that has been in place since the price cycle high in March, and close to oversold territory, indicating a bounce could be on the cards soon even if it takes more time to play out.

Cryptonary's take

Hard to call ETH here. The current structure has points that suggest price could currently be close to a mid-cycle low, however, we have seen weakness for a long while now, where ETH has struggled to put in any meaningful bounces. Whilst we believe the $2,150 horizontal support can hold, we do have to be open to the idea that ETH could see $1,745 again.

But our expectation is that $2,150 holds and that this can be a local bottom for ETH before we head in to Q4. We are expecting a more positive week this week as we're expecting J Powell to be dovish for markets. If this is the case, then this might be the catalyst needed for ETH to retest $2,557.

What is Ethereum: Ethereum (ETH) is a groundbreaking decentralized platform that facilitates the creation and execution of smart contracts and decentralized applications (dApps) without the need for intermediaries. Launched by Vitalik Buterin in 2015, Ethereum's innovative blockchain technology enables a wide range of applications and has become a cornerstone of the decentralized finance (DeFi) space. Ethereum's ATH is $4,868. How to buy ETH:

• Via Centralized Exchange (CEX):
  1. Select a CEX like Binance, Coinbase, or Kraken.
  2. Sign up and complete any verification processes.
  3. Deposit funds into your account.
  4. Go to the ETH trading section and purchase ETH.

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• SOL's Open Interest has increased over the last few days whilst it's Funding Rate has gone from more meaningfully negative to positive as this OI has increased.
• This suggests that the leverage that has gone on in the last few days has been mostly Longs.

SOL's funding rate:

• Since the start of September, SOL has stayed in a relatively tight range between $120 (the bottom of our called out range) and $140.
• SOL is in a longer-term downtrend since March with price now squeezing up to it's local downtrend line.
• We expect $120 to continue to act as support in the short-term.
• To the upside, we expect $140 to $150 to continue to be a local resistance zone, with $162 the key level for price to break above, however we're not expecting this anytime soon.
• Volumes have been downtrending recently.

Cryptonary's take

We expect price to breakout of the local downtrend line and at least retest $140 in the short-term assuming we're correct on J Powell delivering a dovish message this Wednesday. We're not confident that SOL can break back above $162 in the immediate term though, and we're expecting the $140 to $150 zone to be a new local resistance for price.

What is Solana: Solana (SOL) is a high-performance blockchain designed for fast and scalable decentralized applications and cryptocurrencies. Launched by Solana Labs in 2017, Solana is celebrated for its ability to process thousands of transactions per second with low fees, making it a popular choice for developers and users alike. At Cryptonary, we are most bullish on Solana for this cycle, considering it the play of the cycle due to its robust technology and growing ecosystem. Solana's ATH is $260.

How to buy SOL:

• Via Phantom wallet:
  1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
  2. Use the 'deposit' button for other purchase options, though fees may be higher.
  3. Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
• Via Centralized exchange (CEX):
  1. Choose a CEX like Binance, Coinbase, or Kraken.
  2. Create and verify your account.
  3. Deposit fiat or other cryptocurrencies.
  4. Navigate to the SOL trading section and complete your purchase.

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WIF:

• WIF is still in it's longer-term downtrend, and now price is squeezing against the local downtrend line.
• Price is currently struggling to get back in to the local uptrend having found the underside of it as resistance a number of times now.
• The horizontal level of $1.60 is also acting as a resistance that WIF is struggling comfortably reclaim.
• Beyond $1.60, the local overhead horizontal resistance is at $1.96 and then $2.23.
• To the downside, we expect $1.37 to be a local support, but the strongest supports are between $1.00 and $1.20.

Cryptonary's take

Overall, WIF just seems to have lost it's momentum with traders focusing on other plays rather than trading WIF. However, we have seen volumes pick up in recent days which could be a sign that some activity is coming back in to WIF. If Powell delivers a dovish Press Conference on Wednesday (we think he will), then this might be the fuel that WIF needs to see a larger move to the upside. However, in the immediate term, we're not expecting major upside, and therefore we expect $1.96 to be a sticking point for WIF.

For an in-depth look at market performance, see our analysis on dogwifhat (WIF).

What is Dogwifhat: Dogwifhat (WIF) has emerged as the leading meme token of this cycle within the dog category. Inspired by the viral "dog wif a hat" meme, this playful token captures the essence of internet culture while riding the wave of Solana's growing popularity. At Cryptonary, we're particularly bullish on Solana this cycle, and WIF aligns perfectly with this Meme supercycle sentiment along with being on the Solana Chain, making it a significant asset in our portfolio. WIF's ATH is $4.85. We hold WIF at an average price of $0.03 because we believe in its potential as the dominant meme token in the dog category this cycle. How to buy WIF:

• Via Phantom wallet:
  1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
  2. Swap tokens within the wallet by selecting WIF, setting slippage tolerance, and confirming the swap.
• Via Centralized Exchange (CEX):
  1. Choose a CEX that lists WIF like Binance, OKX, or ByBit.
  2. Create and verify your account.
  3. Deposit funds.
  4. Go to the WIF trading section and purchase WIF.

Contract address: EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm

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• Just phenomenal strength overall when you consider what the rest of the market has done.
• POP has bounced really nicely, reclaimed it's uptrend line and also reclaimed back above it's horizontal level of $0.65.
• POP has also broken out of it's main downtrend line (red line), with price now pulling back and retesting the $0.65 horizontal resistance, now potential support.
• If price can cleanly break above $0.77, then $1.00 would be the next target.
• If price were to break down, you'd like to see the $0.55 to $0.65 zone hold as new support, with a relatively quick reclaim back above $0.66.

Cryptonary's take

POPCAT is currently one of the best charts we're looking at and it has held up extremely well in relation to other assets such as SOL and WIF. If we do see a more material risk-on attitude return to the market, then we think POPCAT is the play that could see more substantial lift-off. Most of this week comes down to Powell on Wednesday. If he is dovish, then POP to $0.77 should be easily achievable, if not even a more substantial break above this level. We're expecting POPCAT to perform well over the next 3-5 days. We'll see how the week plays out and re-assess post Powell.

What is Popcat: Popcat (POP) is a meme-based cryptocurrency inspired by the viral Popcat meme. We at Cryptonary identified the potential of this token before cat memes even became a narrative in the crypto space. POP has now taken the lead in this emerging meme category, bringing fun and community engagement into the crypto ecosystem. Popcat's ATH is $1. We've secured POPCAT at an average price of $0.04; we are very confident in its rise as the leader in the cat meme narrative. How to buy:

• Via Phantom wallet:
  1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
  2. Swap tokens within the wallet by selecting POPCAT, setting slippage tolerance, and confirming the swap.
• Via Centralized Exchange (CEX):
  1. Choose a CEX that lists POPCAT like ByBit, Gateio, or MEXC.
  2. Create and verify your account.
  3. Deposit funds.
  4. Go to the POPCAT trading section and purchase POPCAT.

Contract address: 7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr

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