Crypto Market update and analysis for BTC, ETH, EGLD, EOS, ALGO - October 30, 2023
Crypto Market in the last 24h:
📈 Global #crypto market: €1.2T (+1.13%)
📊 24-hour volume: €30.71B (+38.93%)
💼 #DeFi: €2.89B (9.42% of volume)
💰 #Stablecoin: €27.2B (88.58% of volume)
🚀 BTC dominance: 52.84% (-0.16%)
Bitcoin (BTC) Analysis
BTC/EUR - The recent market movements have followed the anticipated patterns, with several assets hitting their targets while others remained close to their entry levels. Observing Bitcoin’s price action, we’re currently witnessing the formation of the M pattern in the 4-hour timeframe. Our earlier analysis highlighted the potential for forming the M or head and shoulders pattern, indicating a possible shift towards a bearish sentiment.
We’re closely monitoring the key level at 31,422 Euro for potential selling opportunities. If this level breaks down, it’s likely to trigger a cascade of selling pressure, leading to potential downward targets at 30,170 Euro and 29,364 Euro.
Ethereum (ETH) Analysis
ETH/EUR - It appears that the market sentiment of ETH is leaning towards a potential bearish phase. A half-head and shoulder pattern is currently forming with a bearish divergence in the MACD.
While the pattern hasn’t fully developed yet, the focus remains on the crucial level of 1,632 Euro. A successful break below this level could trigger significant selling pressure, leading the price towards 1,582 Euro and 1,551 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR - At the moment, EGLD/EUR is displaying an intriguing scenario, offering opportunities for both long and short positions.
On the bullish side, it’s forming the bullish flag and pole pattern, which would be validated upon breaking the 29.06 Euro level, potentially leading to targets at 30.43 Euro and 31.34 Euro. On the other hand, for a bearish perspective, a breakdown below the 26.62 Euro level could signify the formation of an M pattern, indicating potential selling pressure towards 25.04 Euro and 24.01 Euro.
EOS (EOS) Analysis
EOS/EUR is currently forming a W pattern with a bullish divergence in the daily timeframe, which is opening doors for bulls. For confirmation of this stance, we’re looking for a breakout above the 0.6180 Euro level. Expecting targets of around 0.6614 Euro and 0.6883 Euro after the breakout.
Algorand (ALGO) Analysis
ALGO/EUR is following the same price action like EOS, hinting at a potential bullish movement. The formation of a W pattern is accompanied by bullish divergence in the daily timeframe. To confirm this pattern, we’ll be closely monitoring a breakout above the 0.1026 Euro level, which may lead to targets around 0.1082 Euro and 0.1125 Euro.
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