Crypto Market Analysis: BTC, ETH, EGLD, CHZ, APE - October 16, 2023

Crypto Market Analysis: BTC, ETH, EGLD, CHZ, APE - October 16, 2023

Crypto Market in the last 24h:

๐Ÿ“ˆ Global crypto market: โ‚ฌ1.03T (+2.64% last day).
๐Ÿ“Š 24hr total crypto market volume: โ‚ฌ24.02B (+83.51%).
๐Ÿ’ฐ DeFi volume: โ‚ฌ2.37B (9.85% of total).
๐Ÿ’ฒ Stablecoins: โ‚ฌ21.38B (89.00% of total).
๐Ÿง Bitcoin dominance: 50.39% (+0.55% last day). ๐Ÿš€๐Ÿ“‰

Bitcoin (BTC) Analysis
BTC/EUR is developing an inverse cup and handle pattern with bearish divergence on the MACD. To validate this pattern, it's crucial to observe if there's a breakdown below the support level of 22782 Euro. Such a breakdown could lead to targets around 20600 and 19000 Euro. Additionally, there is a supportive trendline. If it gets broken down, risky traders can consider selling, according to their perspective.

Conversely, for a bullish movement, we'll need to watch for a breakout above the resistance level of 29152 Euro. If this occurs, we might set our targets at the levels of 32000 and 35000 Euro. Closely monitor the market for any critical developments that may influence trading strategies.

Ethereum (ETH) Analysis
ETH/EUR has recently shown rejection from the 50 EMA, leading to consolidation near the supportive trendline and the support level of 1426 Euro. If this level breaks, it might trigger panic selling, potentially leading the price to touch the levels of 1300 and 1200 Euro.

On the other hand, ETH needs to go above the resistance level of 1966 Euro to show a bullish move. In this scenario, we can expect the targets of 2120 and 2270 Euro.

MultiversX (EGLD) Analysis
EGLD/EUR has a history of trapping bulls after breaking out of the resistive trendline, and it seems to be repeating this pattern. If the price falls below the trendline and breaks down to the level of 23.08 Euro, we can see a selling trend. The trapping of bulls might lead to a cascade of stop-loss orders getting triggered, indicating selling pressure in the market. In this case, our projected targets are 22.12 and 21.65 Euro.

Chiliz (CHZ) Analysis
CHZ/EUR is currently showing bullish price action due to the formation of a double bottom and bullish divergence in the Moving Average Convergence Divergence (MACD) indicator. If it breaks out above the level of 0.05422 Euro, we can anticipate targets reaching as high as 0.05622 and 0.05796 Euro.

ApeCoin (APE) Analysis
APE/EUR is presently in a bearish trend, following a resistive trendline. However, it has recently formed a bullish divergence on the MACD, suggesting an imminent bullish shift. To capture this potential upswing, we should closely monitor a breakout above the resistant level of 1.074 Euro. Such a move opens the way for targets around 1.216 and 1.313 Euro.

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