Crypto analysis for BTC, ETH, SOL, ADA and PEPE - December 19, 2024
Crypto market in the last 24h:
š Global market cap: $3.54T (-3.64%)
š Total volume 24h: $262.09B (+28.81%)
š° DeFi volume: $18.71B (7.14% of total volume)
š Stablecoin volume: $243.71B (92.99% of total volume)
šµ Bitcoin dominance: 57.15% (+0.40%)
Bitcoin (BTC) Analysis
BTC is following an ascending channel and has taken support from its supportive trendline, increasing the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 102053 USD. If this occurs, the potential targets are 104349 USD and 107338 USD.
Ethereum (ETH) Analysis
ETH is currently providing opportunities for both bullish and bearish scenarios:
The price has formed a left shoulder and head, and if it declines further, it may form the right shoulder, completing a head and shoulders pattern. This would increase the probability of a bearish move. However, for confirmation, we need a breakdown and candle closing below the support zone of 3513 USD, which could lead to targets of 3409 USD and 3316 USD.
If the price breaks out and closes a candle above the resistance zone of 3755 USD, it will confirm a bullish continuation, especially considering ETH's already strong bullish trend. This could lead to targets of 3851 USD and 3967 USD.
Solana (SOL) Analysis
SOL has shown strength by taking liquidity and bouncing off a bullish order block (OB). It has also formed a bull flag pattern with bullish divergence, which increases the probability of a bullish move.
However, for confirmation, we need a breakout and candle closing above the resistance zone of 228.89 USD. If this occurs, it could lead to potential targets of 245.92 USD and 262.50 USD.
Cardano (ADA) Analysis
ADA is displaying bearish signals due to a head and shoulders pattern accompanied by bearish divergence, increasing the probability of a pullback.
If the broader market experiences panic selling, ADA could present a good shorting opportunity. However, for confirmation, we need a breakdown and candle closing below the support zone of 0.873 USD. This breakdown could lead to potential targets of 0.788 USD and 0.712 USD.
Pepe (PEPE) Analysis
PEPE is showing bearish signals, having trapped buyers at the top and formed an M pattern accompanied by bearish divergence, both of which increase the probability of a bearish move.
For confirmation, we need a breakdown and candle closing below the support zone of 0.00001737 USD. If this occurs, we could expect potential downside targets of 0.00001420 USD and 0.00001205 USD.
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