Crypto Market update and analysis for BTC, ETH, EGLD, GALA and PEPE - October 23 2023

Crypto Marketin in the last 24h:

📈 Global crypto market cap: €1.09T (+2.00%).
📉 Total crypto market volume in the last 24 hours: €36.05B (-7.02%).
🏦 DeFi currently represents €3.99B (11.06% of the total 24-hour crypto market volume).
💰 Stablecoins: €32.32B (89.67% of the total 24-hour crypto market volume).
📊 Bitcoin's dominance: 51.43% (-0.01%).

Bitcoin (BTC) Analysis

BTC/EUR is currently in a consolidation phase near the resistance area at 29152 Euro. If it breaks out of this level and closes the daily candle above it, we might anticipate a bullish surge up to the levels of 31732 Euro and 33000 Euro. However, a potential reversal is expected at this point, but it would require the formation of a head and shoulders pattern. Notably, BTC/EUR has previously reversed from this level twice after forming a head and shoulders pattern. If the neckline is broken, potential targets could be around 27000 Euro and 25500 Euro.

Ethereum (ETH) Analysis

On the daily timeframe, ETH/EUR displays a W pattern with a bullish divergence in the MACD. However, the resistance level appears strong because of FIBO 0.618 and 0.5 golden levels. If this pattern manages to break out above 1650 Euro, we might expect the price to achieve the target levels of 1711 Euro and 1781 Euro.

MultiversX (EGLD) Analysis

EGLD/EUR appears to be following the price action of ETH. It’s showing a familiar W pattern with bullish divergence, indicating the likelihood of a bullish trend. To confirm this, the price must break the 26.91 Euro level, opening the way for potential targets at 30.17 Euro and 32.67 Euro. For capturing the reversal, we need a breakdown below the 24.95 Euro level might point to targets at 23.36 Euro and 22.55 Euro.

Gala Games (GALA) Analysis

GALA/EUR has recently broken the resistive trendline, providing a boost to the confidence of the bulls. It seems to be aligning with the price action of ETH and EGLD, forming a W pattern with bullish divergence. To capture this potential bullish movement, we’ll be looking for a breakout above the 0.01561 Euro level, which might signal targets at 0.01802 Euro and 0.02022 Euro.

Pepe Cash (PEPE) Analysis

PEPE/EUR also follows the same price action as ETH.PEPE is also shaping a W pattern with bullish divergence. A potential breakout above the 0.000000841 Euro level might indicate further gains, with targets at 0.000000946 Euro and 0.000001004 Euro.

Another point to note is altcoins are looking more bullish than BTC and ETH, which is increasing the possibility of a bullish trend soon.

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