Crypto Market update and analysis for BTC, ETH, EGLD, BNB & GRT - November 20, 2023
Market evolution in the last 24h:
💰 Global crypto cap: €1.31T (↑2.98%)
📊 Total 24h crypto volume: €49.28B (↑57.60%)
🌐 DeFi volume: €4.83B (9.79% of total volume)
💱 Stable coins: €44.22B (89.72% of total volume)
₿ Bitcoin dominance: 51.40% (↑0.11%)
Bitcoin (BTC) Analysis
BTC/EUR is currently showing the formation of a flag and pole pattern in the 1-hour time frame. This pattern is indicative of a continuation of the existing bullish trend. Given the overall bullish trend of BTC, we’re on the lookout for confirmation through a breakout above the resistance level of 34,472 Euros. If this breakout occurs, it could signal potential targets at 34,839 Euros and 35,125 Euros.
Ethereum (ETH) Analysis
ETH/EUR is hovering near its resistant trendline. Notably, it has also formed an inverse head and shoulders pattern, a classic bullish reversal signal. To confirm the bullish move, we’re looking for a breakout above the resistance or neckline level of 1,864 Euros. Once this breakout occurs, our anticipated targets stand at 1,908 Euros and 1,955 Euros.
Multivers (EGLD) Analysis
EGLD/EUR presents a compelling pattern: a W formation with an inverse head and shoulders pattern. Adding to the bullish outlook, there’s a clear bullish divergence appearing on the MACD in the 1-hour timeframe. To validate these bullish indications, we’re watching for the price to climb above the level of 43.64 Euros and close an hourly candle above it. Once confirmed, we can set our targets at 45.30 Euros and 46.81 Euros.
Binance Coin (BNB) Analysis
BNB/EUR is forming an interesting setup: an inverse head and shoulders pattern with bullish divergence on the MACD in the 1-hour timeframe. What adds weight to this pattern is its occurrence at a critical support level in the larger timeframe, enhancing the likelihood of an upward movement. To confirm this potential, we’re closely watching for a breakout beyond the level of 227 Euros. Once this breakout is validated, we can expect the targets of 229.7 Euros and 231.6 Euros.
The Graph (GRT) Analysis
GRT/EUR formed a W pattern in the 1-hour timeframe—a bullish reversal sign. Considering the broader bullish sentiment in the crypto market, this pattern gains additional significance, raising the likelihood of a bullish trend. To validate this potential, we are closely monitoring for a breakout above the resistance level of 0.1318 Euros. Once this breakout is confirmed, we expect the targets of 0.1434 Euros and 0.1530 Euros.
Do you agree with our analysis and interpretation?
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 trought 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.