Crypto Market update and analysis for BTC, ETH, EGLD, AVAX and FIL - February 12, 2024
Crypto Market evolution in the last 24 hours
📉 Global crypto market cap.: $1.79T, -1.21% in the last day.
📈 Total crypto market volume in the last 24h: $46.21B, +4.31%.
💸 DeFi volume: $4.33B, 9.37% of the total.
💰 Stablecoin volume: $41.3B, 89.38% of the total.
🔍 Bitcoin dominance: 52.50%, +0.29%.
Bitcoin (BTC) Analysis
BTC/USD has formed a descending channel, indicating a downward trend. Under this bearish outlook, there is the formation of an M pattern, a classic bearish reversal pattern with a bearish divergence in the MACD. To confirm this potential downward movement, we’ll closely monitor for a breakdown below the key support level of 47440 USD. If this level breaks, it could open the doors with potential targets around 46972 USD and 46532 USD.
Ethereum (ETH) Analysis
ETH/USD is showing signs of a potential bearish reversal. The formation of a head and shoulders pattern, coupled with a bearish divergence in the MACD indicator, suggests a shift in momentum towards the downside. To validate this pattern, we’re closely monitoring for a candle close below the neckline level of 2475 USD. Such a breakdown could pave the way for further downward movement, with potential targets around 2442 USD and 2421 USD.
MultiversX (EGLD) Analysis
EGLD/USD is presenting a mixed picture, offering opportunities for both bullish and bearish sides. If the price manages to close a candle above the resistance level of 57.93 USD, it could signify a breakout of a bullish flag and pole pattern. This breakout might propel the price towards targets at 59.58 USD and 60.55 USD. Conversely, if the price drops and closes a candle below the level of 55.10 USD, it could signal a breakdown of an M pattern with bearish divergence, suggesting potential downward movement towards targets around 53.85 USD and 52.93 USD.
Avalanche (AVAX) Analysis
AVAX/USD is currently riding a bullish wave, showing signs of a significant change of character (CHoCH). After demonstrating a Break of Structure (BOS), indicating a shift in market sentiment, the bulls seem to have taken control of AVAX. With this newfound bullish momentum, we anticipate a potential bullish movement following a pullback, especially from the Bullish Order Block (OB) in the 34 to 35 USD zone. If this scenario unfolds, We could set sights on targets around 38.18 USD and 39.63 USD. Furthermore, if this bullish momentum coincides with the upcoming halving event, it could serve as a compelling reason to hold AVAX for the long term, because it’s surviving in the market from the previous bull run which showing its strength.
Filecoin (FIL) Analysis
FIL/USD recently broke above a resistant zone. Now it is reversed and dipped back below it, forming an M pattern. This pattern suggests a potential trap for traders who entered positions on the breakout above the resistance. To confirm this bearish scenario, we’ll be watching for a significant red candle closing below the level of 5.30 USD. Such a move could instil fear in bullish traders and pave the way for further downside, with potential targets around 5.16 USD and 5.07 USD.
Do you agree with our analysis and interpretation of the market?
Want to learn more or have a different perspective?
Let's discuss it in the Tradesilvania community 👉 Telegram Group
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy, or sell any of these cryptocurrencies using the free digital wallet.
SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.
Total or partial reproduction of this report is permitted only by mentioning the source.