Cryptocurrency Analysis: Bitcoin, Ethereum, Elrond, Sushi, Shiba Inu

Crypto market in the last 24h:

📈 Global crypto market cap: €1.24T (+0.75%)
🔄 Total 24h volume: €35.88B (+25.59%)
💼 DeFi volume: €4.16B (11.60%)
💰 Stablecoins: €31.08B (86.61%)
📊 Bitcoin dominance: 51.75% (-0.20%)

Bitcoin (BTC) Analysis

BTC/EUR recently broke down our previously identified risky level and showed a bearish move as expected. Currently, it is constructing a head and shoulders pattern with bearish divergence on the 4-hour time frame, offering a promising opportunity for a selling position. To confirm this trend, a breakdown of the neckline and support level at 31,234 Euros is crucial. Such a breach may drive the price towards the targets of 30,067 Euros and 29,306 Euros.

Ethereum (ETH) Analysis

ETH/EUR has recently demonstrated a false breakout, indicating that breakout traders are potentially caught in their positions. As their stop losses start to activate because of selling pressure, ETH may offer a selling opportunity. Technically price is showing a bearish divergence on MACD. To confirm this bearish scenario, it is crucial to observe a breakdown below the level of 1,733 Euros, leading to potential targets at 1,708 Euros and 1,686 Euros. Additionally, if the price breaks down the support level of 1,632 Euros, we might anticipate further targets at 1,582 Euros and 1,551 Euros.

MultiversX (EGLD) Analysis

EGLD/EUR is currently showing the formation of an M pattern within a 1-hour timeframe. One thing you have to notice is that the recent right top is positioned lower than the left top, presenting a stronger indication for bearish movement. To validate this pattern, it is crucial to observe a breakdown below the support level of 40.85 Euros, which could prompt us to set our targets at 37.40 Euros and 35.01 Euros.

Sushi (SUSHI) Analysis

SUSHI/EUR is forming an M pattern with a bearish divergence in the MACD on the 1 hour timeframe. This combination of factors is heightening the likelihood of a bearish trend. To confirm this, we would need to see a breakdown below the level of 0.88173 Euros. In such a scenario, our anticipated targets would be 0.75219 Euros and 0.65761 Euros.

Shiba Inu (SHIB) Analysis

SHIB/EUR is expecting a bullish movement on it because of the formation of an inverse head and shoulder pattern on its daily chart, a reliable pattern signalling a bullish trend reversal. To validate this pattern, we need a breakout above the level of 0.00000803 Euros, which could drive the price upward towards the levels of 0.00000864 Euros and 0.00000907 Euros.

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