Crypto Market update and analysis for BTC, ETH, EGLD, SOL and DOGE - January 18, 2024
Crypto Market in the last 24h
📉 Global Market Cap: $1.63T, -2.92%
📈 Market Volume: $57.54B, +2.47%
💹 DeFi Volume: $4.9B, 8.52%
💲 Stablecoins Volume: $52.77B, 91.71%
🅱 Bitcoin Dominance: 49.64%, -0.06%
Bitcoin (BTC) Analysis
BTC/USD is showing signs that it might be attempting to trap sellers who entered on the breakdown of the rising wedge. Typically, selling always comes fast, but this time the price is consolidating after the breakdown. To confirm this scenario, We are waiting for the price to move above the level of $43,558. This confirmation could set the stage for potential targets at $45,566 and $46,853, possibly driven by stop-loss hunting.
Ethereum (ETH) Analysis
ETH/USD - We are currently engaging in an advanced move within the inverse head and shoulders pattern. The formation of the right shoulder is currently in progress. For confirmation of this pattern, We are monitoring a price move above the resistant level of $2,550. If this occurs, it could open the door to potential targets at $2,579 and $2,596. Additionally, there is speculation circulating about an Ethereum ETF, which we are treating as a rumour until the ETF is officially released. Given this, we are implementing the “buy the rumour, sell the news” strategy.
MultiversX (EGLD) Analysis
EGLD/USD has recently broken down from the rising wedge pattern and Shows a retest. However, considering EGLD’s trapping nature, we are anticipating a further breakdown below the support level of $52.16. This breakdown could signal potential targets at $50.40 and $49.31. Alternatively, if the price returns under the rising wedge then it will be considered a sellers’ trap. In this scenario, we will be watching for a breakout above the resistance level of $54.76, opening doors to potential targets at $56.42 and $57.43.
Solana (SOL) Analysis
SOL/USD is currently forming a W pattern within the supportive trendline in the daily timeframe. This pattern is boosting the probability of a bullish movement. To confirm this optimistic scenario, We need a breakout above the critical level of $106.83. If this breakout unfolds, it could set the stage for potential targets at $120.86 and $129.27.
Dogecoin (DOGE) Analysis
DOGE/USD is currently in a consolidation phase within the support and resistance zones on the 4-hour timeframe. This suggests that Doge is accumulating stop-loss orders at this level, indicating potential volatility once a breakout occurs. For a bullish move, We are eyeing a breakout above $0.0842, which could lead to targets at $0.0875 and $0.0897. On the bearish side, a breakdown below the support level of $0.0782 is being closely monitored, potentially triggering targets at $0.0754 and $0.0733.
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