Crypto Market update and analysis for BTC, ETH, EGLD, AAVE & MATIC - November 13, 2023

Crypto market in the lasta 24h:

📉 Crypto market cap: €1.32T (-0.31%)
🔄 24h market volume: €51.9B (+10.38%)
💼 DeFi volume: €6.72B (12.95% of 24h volume)
💳 Stablecoins volume: €45.76B (88.17% of 24h volume)
🔍 Bitcoin dominance: 50.85% (-0.31%)

Bitcoin (BTC) Analysis

BTC/EUR is currently forming an “inverse head and shoulders” pattern with a supportive trendline in 15-minute timeframes. If it breaks above the resistance level of 35,156 Euros, we can anticipate targets of 35,580 Euros and 36,009 Euros. Even if the pattern doesn’t play out immediately, a breakout in the upcoming days can still be effective. The level of 35,156 Euros is gaining significance, and a volatile market is desirable to trap retail traders. After trapping them, the probability of a trending move increases.

Ethereum (ETH) Analysis

ETH/EUR is currently forming a “bullish flag and pole” in the 1-hour timeframe. I’m not inclined towards the bearish side, particularly in ETH and BTC, as the overall crypto market appears bullish. Ignoring bearish signals for now seems prudent. The pole in the pattern represents the confidence of bulls, and consolidation indicates profit booking. A breakout suggests that bulls are again ready for the bullish show. In this scenario, if the price breaks out above 1,973 Euros, we can anticipate targets of 2,039 Euros and 2,101 Euros.

MultiversX (EGLD) Analysis

EGLD/EUR is currently in a phase that might favor sellers, especially if the price breaks down below key support levels. Trapped traders can increase the likelihood of a move to the downside and it also shows a bearish divergence in MACD. Breaking below the support level of 36.66 Euros could trigger the stop-loss orders of breakout traders, potentially leading to a further decline. In this scenario, we can anticipate targets around 31.67 Euros and 27.81 Euros.

Polygon (MATIC) Analysis

MATIC/EUR is currently shaping a distinctive M pattern on the 1-hour timeframe, with the red candles indicating a growing selling sentiment. For traders seeking short opportunities, MATIC presents a potential option but it will be better to go with the trend. Confirmation of the M pattern would entail a breakdown below the support level of 0.8034 Euros. In such a scenario, we can set our sights on targets around 0.7767 Euros and 0.7588 Euros.

Aave (AAVE) Analysis

AAVE/EUR is currently displaying the formation of a “head and shoulders” pattern in the 1-hour timeframe. This pattern, combined with the indication of a trapped market movement, suggests a potential selling opportunity. To confirm this scenario, we need a breakdown below the support level of 87.26 Euros. In the event of such a breakdown, we can expect the targets of 83.00 Euros and 80.24 Euros.

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