Crypto Market update and analysis for BTC, ETH, EGLD, SOL and ADA - February 6, 2024
Crypto Market evolution in the last 24 hours
💰 Global Cap: $1.65T (↓0.67%)
🔄 24h Volume: $43.87B (↑9.16%)
🌐 DeFi: $3.86B (8.79%)
💲 Stablecoins: $40.26B (91.77%)
🚀 Bitcoin Dominance: 51.18% (↓0.05%)
Bitcoin (BTC) Analysis
BTC/USD shows a bullish scenario on the chart, forming an inverse head and shoulders pattern with a bullish divergence in the MACD. This combination increases the probability of a bullish movement in the market. We should monitor the price action closely and look for confirmation, particularly if a 1-hour candle closes above the crucial level of 43,971.00 USD. Once confirmed, this breakout could open the way for potential targets around 46,281.00 USD and 47,562.00 USD.
Ethereum (ETH) Analysis
ETH/USD showed multiple breaks of Structures (BOS) and a noteworthy resilience as it successfully avoided breaking the previous low. These indicators suggest active participation from bulls in Ethereum. Additionally, there’s a notable W-shaped pattern forming. To confirm and capitalize on this potential bullish momentum, we should keep a close eye on the price action. A breakout above the critical level of 2,328.00 USD could trigger further upward movement, with targets set around 2,362.00 USD and 2,387.00 USD, reaching towards the previous highs.
MultiversX (EGLD) Analysis
EGLD/USD is in the confusing zone forming both an M pattern and a W pattern on its lower timeframe. We should closely monitor the critical levels for potential breakout scenarios.
If the price successfully breaks below the level of 51.43 USD, this could signal the completion of the M pattern. In such a scenario, we expect downside movement with targets set around 48.75 USD and 47.20 USD.
On the flip side, a breakout above the level of 54.37 USD could signify the validation of the W pattern. This would be considered a bullish move, and we can expect upward momentum with targets positioned around 55.90 USD and 56.63 USD.
Solana (SOL) Analysis
SOL/USD is catching my attention with its potential for a bullish move. In the 1-hour chart, it’s forming an inverse head and shoulders pattern, a bullish signal. Keep an eye on the breakout level at 107.06 USD; if this resistance gets broken then we could see targets around 120.67 USD and 129.78 USD.
Cardano (ADA) Analysis
ADA/USD is currently indicating a potential bearish move with a lower probability setup. The formation of an M pattern on the resistive trendline suggests a bearish signal. To confirm this pattern, we’ll be watching for a breakdown below the level of 0.484 USD. If this occurs, it could open the door to targets around 0.461 USD and 0.448 USD.
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