Crypto Market update and analysis for BTC, ETH, EGLD, KSM and AAVE - January 4, 2024
24-hour crypto market update
💰 Global crypto market cap: €1.51T, +2.56% (24h)
📉 Total market volume: €73.65B, -22.88% (24h)
💹 DeFi volume: €6.84B, 9.28% (24h)
💳 Stablecoin volume: €65.27B, 88.62% (24h)
🔝 Bitcoin dominance: 51.26%, +0.03% (24h)
Bitcoin (BTC) Analysis
BTC/EUR is showing bearishness and forming a bearish flag and pole pattern in the 1-hour timeframe. However, to confirm this bearish scenario, we need a candle close below the support level of 39,067 Euro. This confirmation could open the way for a potential fall till the target levels of 38,266 Euro and 37,810 Euro.
Ethereum (ETH) Analysis
ETH/EUR is currently presenting opportunities for both bullish and bearish scenarios. For bullishness, a move above the level of 2,066 Euro is crucial, as it would be considered a W pattern with bullish divergence, signalling potential targets at 2,108 Euro and 2,136 Euro. Conversely, for bearishness, attention is on a potential move below the level of 2,012 Euro, which could be indicative of a bearish flag and pole formation, leading to our expected targets of 1,979 Euro and 1,961 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR is forming an M pattern, a classic bearish reversal pattern. However, due to the right top being above the left one, we need multi-confirmation. For confirmation of the bearish scenario, the price must break down below the critical support level of 49.94 Euro, with emphasis on a 4-hour candle closing below this point. If this confirmation occurs, it could set the stage for potential targets at 44.40 Euro and 40.84 Euro.
Aave (AAVE) Analysis
AAVE/EUR has experienced a bounce from the supportive trendline of a rising wedge pattern in a 4-hour timeframe. For confirmation, we need a breakout above the resistant level of 96.41 Euro. If this breakout occurs, it could push the price to potential targets of 100.43 Euro and 104.00 Euro.
Kusama (KSM) Analysis
KSM/EUR is forming an inverse cup and handle pattern, known as a bearish reversal pattern. The chart also reveals a shift from higher highs to lower highs, emphasizing the potential for a bearish trend. To confirm this scenario, we are closely watching for a breakdown below the level of 38.49 Euro. A successful breakdown below this point could set the stage for potential targets at 33.15 Euro and 29.89 Euro.
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