Crypto analysis for BTC, ETH, EGLD, AVAX and SUSHI - October 17, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.31T (+0.42%)
📊 Total volume 24h: $80.55B (-25.08%)
💰 DeFi volume: $3.73B (4.63% of total)
🔒 Stablecoins volume: $73.13B (90.79% of total)
💵 Bitcoin dominance: 57.55% (+0.05%)
Bitcoin (BTC) Analysis
BTC has formed an inverse head and shoulders pattern with bullish divergence, which increases the probability of a bullish move. This pattern can also be considered a bull flag, suggesting potential trend continuation. For confirmation, we need a breakout and candle closing above the resistance zone of 71,016 USD, which can lead to targets of 78,693 USD and 88,146 USD.
Ethereum (ETH) Analysis
ETH has formed a W pattern accompanied by bullish divergence, which increases the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 2,771 USD, which could lead to targets of 3,066 USD and 3,412 USD.
MultiversX (EGLD) Analysis
EGLD has formed a descending channel along with bullish divergence, which together increase the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 31.07 USD, which could lead to targets of 34.75 USD and 39.36 USD.
Avalanche (AVAX) Analysis
AVAX has broken out of its resistive trendline and formed an inverse head and shoulders pattern along with bullish divergence, increasing the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 33.07 USD, which could lead to targets of 40.74 USD and 48.30 USD.
SushiSwap (SUSHI) Analysis
SUSHI is showing a bear flag structure, which increases the probability of a bearish move. For confirmation, we need a breakdown and candle closing below the support zone of 0.70689711 USD, which could lead to targets of 0.66607517 USD and 0.62464804 USD.
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