But wait, don’t give up. The fact that you are reading this means that you are proactive about taking control of your investing success, making you better positioned than millions of other investors who are simply winging it.
Some people enter the crypto market; they throw their money around to see what sticks and then hope to win.
Shocker, hope is not a strategy. This fact was evident last week when many people lost their hard-earned money to the wild price action in the market – maybe you also lost some money.
The worst part is that we are still in the eye of the storm, and in all likelihood, it will get worse before it gets better.
“So, Cryptonary, how can I actually be profitable in this market?”
It’s straightforward.
If you want to be profitable, be the other guy. Have a long-term perspective, never overexpose yourself when the market tells you otherwise, and follow Cryptonary. We give alpha on a daily basis; you might as well use it to your advantage. The information we share could have saved you last week, so make sure it saves you next time. Now, prices.
TLDR 📃
- Bitcoin is approaching support at $25,150. Buyers could step in, but we are still on shaky ground, and a $20,000 BTC won’t be shocking if it gets that bad.
- Ether is at support ($1,740), but we’re not confident in it holding itself above. Caution is advised.
- HEGIC closed last week’s candle as a bearish engulfing. Beware, more downside is coming.
- The market is looking at more downside over the board.
- There’s an important update on our potential outperformer, so keep reading!
- ASTR and MINA formed new all-time lows. Accumulating at these levels is a steal on a long enough timeframe.
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
Total market cap
The Total Market Cap (TOTAL) index represents the entire cryptocurrency market. We track this index to understand where the overall market is now 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
BTC | Bitcoin
BTC is approaching support at $25,150…
We are still in dangerous territory following the Binance vs SEC lawsuit, and we wouldn’t be surprised if BTC were to drop to $20,000. For now, we’re confident buyers will step in from $25,150, but given the uncertainty that looms, it might be best to keep your exposure minimal. You never know with crypto, right?
ETH | Ethereum
DYDX | dYdX
HEGIC | Hegic
Here’s your Monday education 👇
Last week, HEGIC lost $0.01180 as support after closing as a bearish engulfing candle. For a clear view of how a bearish engulfing candle looks like, take a look at this:
This is a clear sign of high selling pressure, and we’ll likely see HEGIC going even lower in the coming weeks.
Cryptonary's watchlist 🔎
DOT | Polkadot
RUNE | THORChain
SOL | Solana
SYN | Synapse
MINA | Mina Protocol
ASTR | Astar
THOR | THORSwap
OP | Optimism
SPA | Sperax
GMX | GMX
LDO | Lido DAO
LDO’s run is over… for now.
LDO couldn’t keep up with the selling pressure from last week. As a result, it lost support at $1.85, and there’s more downside on the cards. Still, we’ve seen how much demand LDO can have in a stagnant/upward market, so we’re confident it will still pull significant gains in the future. The “outperforming” title has been ripped off from LDO because there’s just too much uncertainty in the market for any token to perform better than others on a larger timeframe. As invalidations go, a weekly closure above $1.9775 would open the doors to $3.10 once again. For now, though, try not to get too exposed.
Cryptonary’s take 🧠
Here’s a valuable nugget of wisdom: time in the market always beats timing the market. As an investor, how long you are in the market has more impact on your performance than when you entered the market. We get it; you’re itching for your wallets to start spitting out cash again, but what’s happening now is all part of the game. This is the time to protect what you already have instead of trying to gain more, so don’t let that go over your head. That’s if you want to be profitable in this market, of course. 😉Action points 🎯
- Binance vs SEC changed the game. We’re now playing at the high-stakes table, so you ought to be careful with how you play your cards. Our take? We are in a bear market; accumulating for the long term is the right action that will ultimately make you a winner.
- There’s more downside left in the tank. Your best play is to wait for a bottom to form before starting risk back on. Even at that, we recommend that you exercise caution and not risk-on aggressively. There’s still a lot of uncertainty in the market.
- Got questions? Hit us up on Discord in the “📉・technical-analysis” channel. We’re here to give you all the alpha you need.
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