Crypto Market update and analysis for BTC, ETH, EGLD, AVAX and BNB - April 18 2024
Crypto Market in the last 24h:
π Global market cap: $2.26T (-1.40%)
π Total volume in last 24h: $99.96B (+12.75%)
π DeFi volume: $7.26b (7.26% of total volume)
π± Stablecoins volume: $94.11b (94.15% of total volume)
π Bitcoin dominance: 54.00%
Bitcoin (BTC) Analysis
For BTC weβve observed the formation of an M pattern, indicating a potential bearish trend ahead. This pattern with bearish divergence, adds weight to the likelihood of a downward movement. To confirm this bearish outlook, weβll be looking for a breakout below the level of 60,734 USD. If the price falls below this level, it could signal further downside momentum, with potential targets at 58,373 USD and 55,686 USD.
Ethereum (ETH) Analysis
ETH presents the formation of a bearish flag pattern, typically signaling a continuation of the existing downtrend. Given the current short-term bearish trend, this pattern suggests further downward movement. Confirmation of this bearish outlook would come with a breakout below the level of 2,845 USD. If the price falls below this level, we might anticipate targets around 2,681 USD and 2,549 USD.
MultiversX (EGLD) Analysis
For EGLD weβre observing the formation of a bearish flag pattern, indicating a potential continuation of the current downtrend. This pattern typically suggests further downward movement in the price. Confirmation of this bearish scenario would occur if the candle closes below the level of 36.39 USD. Should this happen, we might anticipate targets around 32.73 USD and 29.94 USD.
Avalanche (AVAX) Analysis
AVAX presents indications of a potential trap for buyers, along with the formation of an M pattern, which typically suggests a bearish trend ahead. Adding to this, weβre seeing a bearish divergence on the MACD indicator, further strengthening the case for a potential downtrend. Confirmation of this bearish scenario would occur with a candle closing below the level of 27.60 USD. If this happens, we might expect targets around 24.73 USD and 21.27 USD.
Binance Coin (BNB) Analysis
BNB formed an M pattern, coupled with bearish divergence, signaling a potential downward trend ahead. This pattern suggests that sellers may be gaining control, as reflected in the weakening bullish momentum indicated by the divergence. Confirmation of this bearish scenario would occur with a break below the level of 493.7 USD. If this level is breached, we could expect further downside movement, with potential targets around 463.8 USD and 438.5 USD.
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