Crypto analysis for BTC, ETH, EGLD, LINK and SOL - November 04, 2024
Crypto market in the last 24h:
š Global market cap: $2.24T (-2.07%)
š Total 24h volume: $70.02B (+24.35%)
š° DeFi volume: $3.5B (5.00% of total)
š Stablecoins volume: $65.55B (93.62% of total)
šµ Bitcoin dominance: 60.65% (+1.55%)
Bitcoin (BTC) Analysis
BTC is showing bullish divergence along with a cup and handle pattern, both indicating a higher probability of a bullish move. For confirmation, a breakout and candle closing above the resistance zone at 69,933 USD is necessary. If this level is breached, BTC could initially target 70,847 USD, with a further target at 71,272 USD.
Ethereum (ETH) Analysis
ETH has formed a bear flag pattern, signaling a higher likelihood of a bearish move. For confirmation of the bear flag, a breakdown and candle closing below the support zone at 2,436 USD is required. If this level is broken, ETH could target 2,390 USD, with an extended target at 2,350 USD.
MultiversX (EGLD) Analysis
EGLD has broken out of a resistive trendline and formed an inverse head and shoulders pattern, indicating a higher probability of a bullish reversal. However, confirmation is essential through a breakout and candle closing above the key resistance level at 22.95 USD. If this level is surpassed, EGLD could initially target 23.64 USD, with a further target at 24.43 USD.
Chainlink (LINK) Analysis
LINK has developed an M pattern within a bear flag, which increases the probability of a bearish move. For confirmation, a breakdown and candle closing below the key support level at 10.23 USD is necessary. If this level is breached, downside targets at 9.55 USD could be opened, with a further target at 8.92 USD.
Solana (SOL) Analysis
SOL is currently positioned at a crucial support zone and has formed an M pattern, suggesting a higher probability of a bearish move. To confirm this bearish outlook, a breakdown and candle closing below the support level at 158.77 USD is required. If this support is broken, it could lead to targets at 151.49 USD and subsequently 145.53 USD.
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