Crypto Market update and analysis for BTC, ETH, EGLD, AVAX & ALGO - December 16, 2023
Crypto Market in the last 24h:
📉 Global crypto market cap: €1.47T (-0.12%)
📊 Total volume in the last 24 hours: €49.39B (-21.16%)
💹 DeFi volume: €7.18B (14.54%)
💰 Stablecoins volume: €44.03B (89.13%)
🔝 Bitcoin dominance: 51.59% (-0.29%)
Bitcoin (BTC) Analysis
BTC/EUR is currently experiencing a bullish trend, marked by the formation of a triangle pattern and a W pattern beneath it. We are closely monitoring the key confirmation level at 39695 Euro, as a successful breakout above this point could propel the price to target levels of 40917 Euro and 41582 Euro. The triangle consolidation suggests potential upward momentum, while the W pattern indicates a bullish reversal.
Ethereum (ETH) Analysis
ETH/EUR is in a bullish trend, finding support from a key trendline. ETH offers opportunities for bullish and bearish movements, creating a dynamic scenario for traders. To confirm a bullish momentum, attention is on the level of 2122 Euro, with potential targets at 2194 Euro and 2241 Euro. Conversely, a bearish breakdown below 1969 Euro could indicate targets in 1899 Euro and 1853 Euro. It’s worth noting that the breakout of the previous resistance now acts as a support, increasing the probability for bullish case.
MultiversX (EGLD) Analysis
EGLD/EUR is making waves in the market as it successfully breaks the resistive trendline, shaping a bullish W pattern. This development significantly enhances the likelihood of a bullish trend. To validate and confirm this optimistic outlook, we are keeping a close eye on the breakout point above 57.92 Euro. A successful breakout of this level could open the way for potential targets at 61.35 Euro and 63.17 Euro. The combination of the trendline breakout and the formation of the bullish W pattern adds to the positive sentiment surrounding EGLD/EUR.
Avalanche (AVAX) Analysis
AVAX/EUR is showing promising signs as it finds support from a key trendline and forms a W pattern, increasing the probability of a bullish move. To confirm this positive outlook, Our eyes are on the breakout point above 40.40079385 Euro, which is also the all-time high level. A successful break beyond this level could open the door to anticipated targets at 43.94532393 Euro and 46.04801127 Euro.
Algorand (ALGO) Analysis
ALGO/EUR offering opportunities for both bullish and bearish strategies. To unlock the bullish potential, We are eyeing a breakout above the key level of 0.1998 Euro, considered as the breakout point of a flag and pole formation. A successful break of this level could pave the way for targets at 0.2150 Euro and 0.2252 Euro. Conversely, for a bearish stance, attention is on a breakdown below 0.1708 Euro, marking the breakdown of an M pattern, with anticipated targets at 0.1572 Euro and 0.1465 Euro.
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