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.

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