Crypto Market update and analysis for BTC, ETH, EGLD, LTC and SAND - December 28, 2023
Crypto Market in the last 24h
📈 Global crypto market: €1.53T (+1.17%)
📊 Total volume in the last 24h: €71.61B (+4.73%)
💹 DeFi: €8.02B (11.20% of total volume)
💱 Stablecoins: €63.46B (88.63% of total volume)
🔝 Bitcoin dominance: 49.70% (-0.53%)
Bitcoin (BTC) Analysis
BTC/EUR is currently in a “buy in the dips” phase, marked by the formation of a triangle pattern. If the price approaches the supportive trendline and the buyers’ zone around 38,255 Euro, we can anticipate a bounce from this level. In such a scenario, the expected upward movement could reach the levels of 38,686 Euro and 38,908 Euro.
The convergence of the buy-in-the-dips strategy, the supportive trendline, and the specific buyers’ zone highlight potential opportunities for traders in the evolving BTC/EUR landscape.
Ethereum (ETH) Analysis
ETH/EUR is forming a bearish engulfing pattern following the breakout of a resistant area. This signals the potential for selling pressure in the market. To confirm this bearish scenario, we are advised to closely observe for a breakdown below the critical level of 2,109 Euro.
A break beyond this point could initiate trapping buyers who entered on the breakout, leading to the hunting of their stop losses. In such a scenario, the anticipated targets for the downward move are set at 2,072 Euro and 2,039 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR is currently forming a bearish reversal pattern known as an M pattern. This formation suggests a potential shift towards a bearish trend. To confirm the validity of this pattern, we are closely watching for a breakdown below the critical level of 60.35 Euro.
If this confirmation occurs, it could signal potential targets at 56.66 Euro and 54.45 Euro.
The Sandbox (SAND) Analysis
SAND/EUR is currently forming a head and shoulder pattern, a classic bearish reversal signal. This pattern, reflecting higher highs transforming into lower lows, suggests a potential change in trend. To confirm this bearish scenario, we are advised to closely monitor for a breakdown below the level of 0.51876 Euro.
A break beyond this point could set the stage for potential targets at 0.49181 Euro and 0.47650 Euro.
Litecoin (LTC) Analysis
LTC/EUR is currently displaying cautionary signals as it takes the form of an M pattern with a bearish divergence. This combination raises the probability of a bearish move. To confirm this potential scenario through price action, we are closely watching for a breakdown below the critical level of 67.44 Euro.
A successful break beyond this point could indicate potential targets at 66.30 Euro and 65.62 Euro.
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