Crypto Performance Last Week and Major Market Indicators in the Last 24 Hours
💰 The global cryptocurrency market Cap stands at €1.08 trillion, experiencing a decrease of 0.22% in the last day.
📊 The total cryptocurrency market volume in the past 24 hours is €23.09 billion, showing a significant increase of 52.16%.
🏦 DeFi contributes €2.15 billion to the total volume, representing 9.32% of the total cryptocurrency market volume in the last 24 hours.
💱 Stablecoins contribute a volume of €21.71 billion, accounting for a significant 94.03% of the total cryptocurrency market volume in the last 24 hours.
🚀 Bitcoin's dominance is currently at 48.71%, indicating a slight increase of 0.02% during the day.
Bitcoin (BTC) analysis and update
We will explore potential scenarios of both breakout and breakdown, while illuminating the critical levels warranting close attention. Let us embark on this analytical journey.
Consolidation Phase and Emergence of the Rising Wedge Pattern
In the interim since our last analysis, the BTC/EUR pair has been ensconced within a consolidation phase. During this interval, it has notably adopted the formation of a rising wedge pattern, distinguished by its converging trendlines. Such a pattern frequently portends an imminent occurrence of either a breakout or a breakdown.
Prospects for a Bullish Trajectory:
Recent price action has unveiled a formation of bullish candles proximate to the lower trendline of the rising wedge pattern. To corroborate a bullish trajectory, our scrutiny centers on the breakout threshold situated at 26,928 Euro. Should BTC/EUR ascend beyond this juncture, it could instigate a surge of bullish sentiment.
Potential Targets: 27,147 Euro and 27,368 Euro
In the event of a confirmed breakout, traders may elect to set their sights on potential price targets positioned at 27,147 Euro and 27,368 Euro. These levels might be attained due to the activity of less-seasoned traders, who tend to activate their trades as their predetermined stop-loss orders are triggered.
Contemplating a Bearish Contingency: Monitoring the Breakdown
Conversely, a breach below the support level of 26,633 Euro could herald a bearish trajectory. This outcome could potentially initiate a downward excursion toward 26,285 Euro and 26,074 Euro, aligning harmoniously with the support zones delineated by a broader trendline that BTC/EUR has adhered to over an extended timeframe.
Navigating the Terrain of Consolidation
Given the ongoing consolidation phase of BTC/EUR, it is incumbent upon traders to exercise prudence and implement strategies informed by thorough analysis. This phase often signifies the accumulation of latent kinetic energy, which has the propensity to materialize into substantial price fluctuations.
Ethereum (ETH) analysis and update
ETH/EUR Continues Consolidating, Exhibiting Intriguing Price Patterns
Today, we find ETH/EUR persisting within a horizontal consolidation range, aligning with our prior assessment. Notably, the current price action is molding a smaller triangle formation—a phenomenon that often portends an impending price shift.
The Bigger Picture: A Glimpse of the Inverse Head and Shoulders
When we zoom out, it's crucial to recognize that a broader timeframe could unveil an inverse head and shoulders pattern, indicating a positive trajectory. Nevertheless, a comprehensive exploration of this concept will be reserved for our forthcoming discussions. For the moment, our attention remains on the immediate dynamics.
Breakout and Breakdown Levels Maintain Relevance
The breakout and breakdown thresholds we previously pinpointed remain active factors. Keep in mind, periods of consolidation typically pave the way for substantial price fluctuations. This phase signifies the accumulation of momentum, which can potentially trigger significant market shifts.
Potential for Uptrend: Breakout at 1,707 Euro
To entertain a bullish scenario, our focus remains fixed on the breakout level of 1,707 Euro. Should ETH/EUR surmount this barrier, it could potentially catalyze a surge, with conceivable targets at 1,743 Euro and 1,786 Euro. This breakout could potentially signify a shift in overall market sentiment.
Caution for Bearish Scenario: Support Zone and Breakdown
In contrast, a breach below the support zone at 1,652 Euro could usher in a bearish progression. This support zone stands as a pivotal threshold, having displayed resilience in the past. In the event of a breakdown, it's reasonable to contemplate targets at 1,595 Euro and 1,561 Euro.
MultiversX (EGLD) analysis and update
EGLD/EUR has come to our attention due to the emergence of a bullish divergence within the MACD indicator. This type of divergence is often viewed as a potential signal for a reversal in the prevailing price trend. This divergence underscores the importance of the price action and lends credibility to our analysis.
Formation of Double Bottom: Waiting Near Support
Adding to the intrigue, EGLD/EUR appears to be in close proximity to a support zone. This situation holds the potential for a double bottom pattern formation, which is typically indicative of a bullish reversal. The proximity to the support zone accentuates the significance of this level within the price dynamics.
Bullish Scenario: Breakout at 28.96 Euro
Should EGLD/EUR breach the 28.96 Euro level, it has the potential to initiate a bullish uptrend. This breakout could indicate a shift in market sentiment, potentially setting the stage for price targets at 30.39 Euro and 31.76 Euro. Such a movement would find support from both the observed bullish divergence and the potential double bottom pattern.
Bearish Consideration: Breaking the 26.78 Euro Support
Conversely, a breakdown below the support zone at 26.78 Euro might trigger a bearish movement. Should this support level be breached, it could lead to target levels of 25.50 Euro and 24.32 Euro. It's crucial to closely monitor this level.
Litecoin (LTC) analysis and update
LTC/EUR has drawn our attention due to the emergence of a classic head and shoulders pattern. This specific pattern is characterized by three distinct peaks, with the central peak (resembling the head) being higher than the other two (representing the shoulders). The appearance of this pattern often serves as an indication of a potential shift in trend from bullish to bearish.
Confluence with Falling Wedge: Intensified Bearishness
What enhances the depth of this analysis is that the head and shoulders pattern is forming precisely at the upper trendline of a falling wedge. This combination of patterns further reinforces the bearish sentiment. While falling wedges typically signal bullish continuation, in this instance, the bearish head and shoulders pattern appears to be counteracting that signal.
Bearish Breakdown: Neckline at 73.38 Euro
The pivotal point to monitor in this scenario is the breach of the neckline of the head and shoulders pattern, positioned at the level of 73.38 Euro. If LTC/EUR surpasses this threshold, it has the potential to initiate a bearish descent with possible targets at 69.41 Euro and 67.11 Euro. This breakdown aligns with the bearish implications of the head and shoulders formation.
Potential for Bullish Reversal: Above 78.05 Euro
Conversely, if LTC/EUR defies the bearish signals and manages to breach the resistance zone around 78.05 Euro, it could signal the onset of bullish momentum. This could drive the price toward targets at 80.55 Euro and 82.72 Euro. Nevertheless, the prominence of the head and shoulders pattern, coupled with the upper trendline of the falling wedge, lends greater weight to the bearish outlook.
Avalanche (AVAX) analysis and update
AVAX/EUR is in the process of forming a head and shoulders pattern near the upper trendline of a falling wedge pattern, similar to LTC, and is following the same bearish price action.
Bearish Breakdown: Neckline at 11.1477800 Euro
The crucial point to monitor here is the breakdown of the neckline of the head and shoulders pattern. Should AVAX/EUR breach this level, situated around 11.1477800 Euro, it has the potential to initiate a bearish movement with possible targets at the subsequent demand zone of 10.28298258 Euro and even the lower trendline of the falling wedge at 9.78960408 Euro.
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