Log in

Market Analysis

Weekly Technicals Pro - Volume 58

Updated: Aug 31, 2024
Published: May 24, 2021
0
Share:

The current sentiment is Extreme Fear 10 the last time we saw this level was during the March 2020 crash - which in hindsight was a unique opportunity. Extreme levels, fear or greed, do not signal a bottom but they do signal a buying/selling opportunity which tends to pay off over time.

Post Feature Image

TLDR

  • Is this the end of the Bull Market? No
  • What is this? Depends on your perspective/timeframe, we view it as a large opportunity

Market Sentiment

aligncenter size-full wp-image-101217

Market Indexes

When in doubt, zoom out.
Nothing says Zoom Out like the weekly timeframe on crypto indices.

Total Market Cap

aligncenter size-full wp-image-101233

The Total Market Cap broke $1.70T and headed towards $1.35T.

If the index breaks $1.35T on the weekly timeframe, then it would head back near $1T which we don't believe is probable. A reclaim of $1.7T would signal a bottom has been set.

To clarify, there can be intra-week wicks under $1.35T without invalidating the setup. The weekly candle closures are what matter.

Altcoins Market Cap

aligncenter size-full wp-image-101235

Much more substantial correction on the Alts MCap and that is frankly fair given the amount of vapourware and dog coins released and counted as part of this index with more weighing than the previous one.

Anything between [$500B-$800B] is a price we consider as a very large opportunity for new entries on fundamentally-sound assets.

BTC

aligncenter size-full wp-image-101211

Bitcoin broke under the $40,000 area of support and tested $30,000.

The weekly candle closure occurred under $40,000 which means that level is now resistance and BTC will likely range between those two levels for a few weeks before breaking one of them - our bet is on an eventual breakout of $40,000 and now a break of the $30,000 level of support (weekly timeframe).

ETH

aligncenter size-full wp-image-101215

ETH has very recently broken out of its 2017 high of $1,430 and entered in official price discovery, thinking a new bear market has begun is quite premature.

Despite ETH having seen a -60% from peak to trough, from a technical perspective it is retesting the previous high as support. It could go as low as $1,500 and remain very bullish in the mid/long-term. Though we don't think $1,500 is probable.

DOT

aligncenter size-full wp-image-101213

No asset was immune to the dip, DOT included. DOT saw a -70% correction from absolute top to absolute bottom. We'll need to see a change in market structure (i.e. turn resistances back into support - with the first one being $19.40). The level that we'd worry about if we saw a break of is $15.

SNX

aligncenter size-full wp-image-101227

SNX, after changing its market structure had another drive down which led it just under $10 where buyers stepped in. We'll need to see a reclaim of $14.10 on the daily timeframe for a swift recovery.

RUNE

aligncenter size-full wp-image-101225

Given its very larger-than-average rally, RUNE also saw a larger-than-average correction of -73% from peak to trough. This is a pure technical analysis report and hence fundamentals are not covered despite their importance. Technically, RUNE set a lower low which change the market structure. For that to change, RUNE would need to reclaim $12.85 on the weekly timeframe as that would signals the end of the downtrend. Sharp corrections of this magnitude don't recover immediately, so a few weeks of indecision is probable.

FTT

aligncenter size-full wp-image-101219

Seeing this chart alone would make us think crypto is entering a bear market but we know a single altcoin cannot determine that, rather the indices + BTC/ETH do. Given the magnitude of the correction, relative to the rally, would state that FTT is likely to see a test of $20.50 over the next few weeks before beginning a recovery alongside the rest of the market.

SOL

aligncenter size-full wp-image-101229

Market-wide correction sent SOL down by -67% but every time there was a relief rally, SOL advanced substantially in price which shows large demand. Given the correction, retail money is now scared and therefore SOL Hype Season is on hold until further notice. The only assets we're still holding from this ecosystem are SOL & SRM.

SRM

aligncenter size-full wp-image-101231

Very large correction but SRM is now retesting the $3.79 all-time high breakout once again. That key level would need to hold or else SRM would enter further devaluation towards $2.50 and possibly $1.39 - conditional on $3.79 holding/breaking.

RAY

aligncenter size-full wp-image-101221

We reduced our exposure by 50% on RAY as soon as there was a daily candle closure under $12.50 and our final invalidation was a weekly closure under $5.75 which occurred and we now own 0 RAY. That capital (on which we took a loss on), we rotated and invested into ETH for a bit more holdings.

XRP

aligncenter size-full wp-image-101237

XRP needs to see $0.79 hold on the weekly timeframe or else it may correct towards $0.45. For a recovery, a reclaim of $1 is required.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
This Week's Setup: 27th of October
Market Updates
This Week's Setup: 27th of OctoberIt’s a big week in markets, and you don’t want to miss what’s coming. The Fed meets, Trump and Xi ar...
7 min read
Oct 27, 2025
BTC, ETH and More: Breakouts Loom on Pennants, Key Levels Ahead
PRO
Market Direction
BTC, ETH and More: Breakouts Loom o...The market is coiling in pennants after the inflation beat. All eyes on major resistance and breakdo...
6 min read
Oct 24, 2025
Market Pulse: Softer Inflation Fuels Fed Cut Hopes
PRO
Market Pulse
Market Pulse: Softer Inflation Fuel...Inflation surprised to the downside, easing Fed pressure and sparking rebounds in both TradFi and BT...
3 min read
Oct 24, 2025