Crypto Market update and analysis for BTC, ETH, EGLD, NEAR & EOS - December 4, 2023

Crypto Trend: Up in the last 24 hours:

📈 🌍 Global crypto cap: €1.43T (+4.57%)
💹 24h volume: €60.07B (+46.82%)
💡 DeFi: €6.25B (10.40%)
💰 Stablecoins: €53.65B (89.32%)
⚡ Bitcoin dominance: 52.75% (+0.75%)

Bitcoin (BTC) Analysis

BTC/EUR is following our previous analysis, approaching our first target. Securing some profits at the current price is advisable to safeguard positions. Analysing BTC has become challenging due to its persistent bullish momentum. However, the increased likelihood of a downturn is evident due to profit-booking. It’s prudent to monitor for the formation of an M pattern or head and shoulders around the resistance area. If, after consolidation, the price breaks down below the crucial level of 37,114 Euro, we can expect the targets around 34,603 Euro and 32,555 Euro. Stay vigilant for potential developments in line with these insights.

Ethereum (ETH) Analysis

ETH/EUR is currently behaving like a falling knife, suggesting caution and allowing time for a cooling-off period. The potential opportunity lies in a scenario where the price retraces below the former support zone around 1,750 Euro. Such a movement would be perceived as a trap for buyers who entered at the peak. In this context, targets around 1,652 Euro and 1,589 Euro become possible. Patience and strategic observation are key as the market dynamics unfold.

MultiversX (EGLD) Analysis

EGLD/EUR is presenting opportunities for both buyers and sellers. To initiate a buying position, a breakout beyond the level of 53.52 Euro is required, marking the confirmation of a flag and pole pattern. Subsequently, we can expect targets at 63.58 Euro and 69.76 Euro. Conversely, for a selling stance, a breakdown beneath the level of 36.41 Euro, indicative of an M pattern, would signal potential targets of 28.01 Euro and 21.51 Euro. It’s essential to closely monitor these levels for informed trading decisions.

Near Protocol (NEAR) Analysis

NEAR/EUR is currently showing the formation of an inverse head and shoulders pattern, a bullish reversal signal. To confirm this pattern, we’ll be looking for a breakout above the level of 2.168 Euro. Once this breakout is confirmed, potential targets include 2.507 Euro and 2.865 Euro.

EOS (EOS) Analysis

EOS/EUR is forming an inverse head and shoulders pattern, a bullish signal. It would be advantageous if both assets, NEAR & EOS, confirm their breakout around the halving period, enhancing the likelihood of a bullish scenario. To validate this pattern, a breakout above the level of 0.7379 Euro is essential. Once confirmed, potential targets are 0.8227 Euro and 0.8821 Euro.

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