Your trading playbook for a September to remember

But there’s a catch - the four trades we’re introducing are safer, yet not guaranteed. We share strict exit strategies to protect your gains from uncertain market conditions. Let’s dive in - the market is waiting.

TLDR 📃

• September will be a month of accumulation for crypto. Still, some tokens can boost your portfolio in the short term, helping increase your buying power. But beware, nothing is certain.
• Old outperformers make a comeback - MKR and SNX are ready for higher moves.
• We found two tokens we’ve never analysed before - EGLD and INJ. Both are setting themselves up for a bullish Q4, and we provide entry and exit strategies for each.
• We give a wider view of the market in our latest Monthly Analysis. Become a pro member and access our exclusive insights here.

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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.

Our plan to capitalise on MKR ⚙️

Remember MKR? We shared the trade on August 10th, and its price had gone on in the exact direction that we predicted. MKR retraced to the double bottom’s neckline at $980 and found demand. Now, the trajectory is set for $1,630.

We love this setup for one reason - it’s secure. The price isn’t moving too quickly; the levels have been respected so far, making it a “safer” bet. Our plan to capitalise on this opportunity is simple: We will await a secondary retest of $980.  Why? Because it removes unnecessary risk, entering now comes with a smaller risk/reward ratio, which we’d like to avoid. To minimise risk and exit properly, your best play would be to take profits on the way up. The final target of this trade sits between $1,630 - $1,825, but leaving some coins on the table for higher targets once your initial investment is out is a good idea. 🚨Note that a weekly closure under $980 will invalidate this setup entirely.

Bullish engulfing candles in a bearish market 🐂

If we had to choose the best candlestick pattern, it would be the engulfing candle.

After ranging above this local supporting channel for two weeks, SNX finally found demand and saw a great reaction from the buyers. As a result, the current weekly candle is setting itself up to closing as a bullish engulfing - a candlestick pattern that signals bullish momentum is about to commence. With three days left until the weekly closure, we’re betting on SNX closing this candle as is, which leaves us with the following plan: Entry plan You should always avoid buying a top. For that reason, we’d want to see SNX retracing on the lower timeframes first before deciding to trade this asset. As an investor, this should be of no concern to you. Exit plan & risk management Due to uncertain market conditions, we can easily see the $2.80 level being reached, but we can’t say the same for higher prices. Therefore, taking out as much profits as possible at that level is recommended. Again, this should not be of any concern to you if you’re an investor. 🚨If things go south, you should not lose more than 10% of the total capital you allocate for this trade.

Low risk, medium return trade 🦺

EGLD has been trading inside a descending channel for the past 400 days. We saw numerous tests of both sides of the range before, and now, its price is battling with the lower side of the range.

The ideal entry is nearing. Although the price of EGLD is jangling just above support, we’d want to see a strong reaction from it before deciding to enter. Why? Well, we are in a bear market. EGLD could easily close under the channel and invalidate our trade, so we’d prefer not to go down that path. Instead, we’re waiting for a stronger reaction from buyers while partially taking profits on the way up to the upper side of the range. 🚨A weekly closure under the bottom channel will invalidate this trade, and we should immediately exit our position.

Did someone mention 100% in a bear market? Sign me up! 💰

This is INJ, and its price recently flipped bullish.

We’ve identified a channel that has acted as resistance multiple times in the past. However, it was reclaimed in March and flipped into support, with two more tests to solidify it as a solid area of interest. Same as with EGLD, we’re waiting for the price of INJ to react before jumping in. Our target sits between $13.60 - $17, which is a whopping 100% to 140% away! Note that this might be a higher timeframe play, extending itself throughout the rest of the year. Safer, yet boring for some. 🚨Our escape? All we need is a weekly closure under the channel. As soon as it happens, we start running away.

The general state of the market 🪫

The market is drained.

Bitcoin’s volatility is at new lows, which causes the rest of the market to either consolidate or perform badly. In fact, the past three weekly candles closed as Dojis, the ultimate sign of indecision. So, whilst there hasn’t been much happening with Bitcoin in the past weeks, we expect the boredom to continue throughout the month. Bummer.

What does that mean for altcoins?

Most of them will either consolidate or dump. The blue chips (SOL, ETH, DOT, etc…) will likely not have enough fuel to sustain higher moves this month, which means we need to shift our attention to the smaller tokens, the ones staying in the shadows. As an investor, your goal should be to accumulate such tokens at these prices. The market is down and could go even lower - dollar-cost averaging in the market will give you a simple solution to the indecision lurking behind the candles. As a trader, your goal should be to spot opportunities and catch profits quickly. Luckily, we’ve already shared a base for you to start within this report, but make sure you do your own research before taking on any of these trades!

Cryptonary’s take 🧠

We're all about making money! Seriously, we're all in for those profits, and we want to get them ASAP to grow our long-term stash. That's the name of the game, right? September is your golden opportunity to dip your toes in the financial waters. The market is stagnant, which means fewer crazy ups and downs that could wreck your savings. It's the perfect time to figure out what you're good at and what you need to work on. But know this - what works for someone might just not work for you. Once you understand your strengths, you need to double down on them and leverage them to their fullest potential. By next Thursday, we will be scouting the market for new opportunities. In the meantime, check our previous analysis and start forming a base for your future endeavours. The bull market is slowly approaching, and you need to up your investment and trading skills to take full advantage of what’s about to come.

Action points 🎯

1. After DYOR on our picks,  creating rock-solid strategies to enter, exit, and manage risk is crucial. We shared some tips in this report, but you must adapt them to your strengths and style.
2. The market is ready for the bull. With potential ETF applications approved by the end of this year and the Bitcoin halving approaching in April 2024.  Start accumulating for the long term and increasing your capital by trading in the short term.
3. Got more questions? Hit us up on Discord in the “🌎・general” channel!

As always, thanks for reading.🙏

Cryptonary out!