Crypto Market update and analysis for BTC, ETH, EGLD, PEPE & DOGE - November 9 2023
Crypto market in the last 24h:
🌐 Market Cap: €1.29T (↑3.35% in the last day)
📊 Total 24h Market Volume: €57.31B (↑39.04%)
🚀 DeFi Volume: €5.63B (9.82% of total 24h volume)
💰 Stable Coin Volume: €50.41B (87.96% of total 24h volume)
🔝 Bitcoin Dominance: 52.36% (↑0.66% in the last day)
Bitcoin (BTC) Analysis
BTC/EUR shows bullishness on the daily timeframe, indicating the potential for bullish opportunities. Currently, the price action is forming a Bullish flag and pole pattern, with significant consolidation indicating the presence of numerous trapped positions in BTC. When these positions begin to close, it may trigger a one-sided move. BTC has already broken out of the flag and pole pattern. Our attention now turns to waiting for the candle to close above the 33,980 Euro level, which could pave the way for targets at the 36,000 Euro and 38,000 Euro levels.
Ethereum (ETH) Analysis
ETH/EUR currently formed a rising wedge pattern, & showing rejection from the upper trendline. If the price drops below the 1,759 Euro level, we can expect a potential selling pressure, potentially driving the price towards the lower trendline of the rising wedge at the level of 1,737 Euro. If this level also gets breaks, it could signal a move towards the second target of 1,694 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR is currently hovering near the previous resistance area at 47.22 Euro, exhibiting signs of rejection from this point. However, if it manages to break out above this area and closes a candle above it, we can anticipate potential targets of 52.59 Euro and 56.88 Euro. On the other hand, for a potential selling opportunity, the price would need to break down below the level of 33.95 Euro, potentially leading to targets of 29.36 Euro and 26.65 Euro.
Dogecoin (DOGE) Analysis
DOGE/EUR is currently shaping a W pattern, along with bullish divergence in the daily timeframe. This shift from a trend of lower lows to higher highs indicates a potential reversal. Additionally, the bullish divergence indicates increasing volumes despite the price remaining in a particular zone. To confirm this pattern, we would need a breakout above the level of 0.07510 Euro, potentially leading to targets of 0.08590 Euro and 0.09287 Euro.
Pepe (PEPE) Analysis
PEPE/EUR is currently displaying an inverse head and shoulders pattern, a bullish reversal pattern. To confirm this pattern, we would need a breakout above the level of 0.000001292 Euro, potentially leading to targets of 0.000001415 Euro and 0.000001514 Euro. On the selling side, if the price breaks down below the level of 0.000000998 Euro, it could invalidate the inverse head and shoulder pattern and form the M pattern, signalling potential targets of 0.00000885 Euro and 0.000000788 Euro.
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