Crypto Market update and analysis for BTC, ETH, EGLD, XRP & SHIB - November 17, 2023
Crypto market in the last 24h:
💹 Total crypto market cap: €1.27T (↓2.02%)
🏪 Total volume 24h: €60.4B (↓11.47%)
✨ DeFi: €7.23B (11.98%)
💵 Stablecoins: €53.86B (89.17%)
💪 Bitcoin dominance: 51.37% (↑0.48%)
Bitcoin (BTC) Analysis
In recent days, BTC/EUR has exhibited significant price volatility, posing challenges in its analysis. As traders, maintaining discipline and adhering to our strategy is crucial during periods of high uncertainty. Currently, BTC is forming a pattern resembling the letter 'M,' traditionally considered a bearish signal. To confirm this bearish scenario, we'd look for a breakdown below the critical support level of €31,613, potentially indicating target levels at €29,932 and €29,032.
However, if BTC manages to surpass the resistance level of €35,156, a bullish move might be on the horizon. The rationale behind this optimism lies in the previous consolidation, suggesting the presence of numerous retail traders. Anticipating a bullish move, we might set targets around €36,249 and €37,055.
Ethereum (ETH) Analysis
ETH/EUR appears to mirror BTC's price action but with an interesting 'M' pattern formation. The top of this pattern is lower than the left side, indicating a potentially stronger bearish sentiment on ETH compared to BTC. To confirm this bearish scenario, we'd watch for a breakdown below the critical support level of €1,764. Such a breakdown could open the path to targets around €1,680 and €1,617.
On the other hand, for a more optimistic view, we'll monitor an exit above the resistance at €2,004. If ETH manages to break this level, it might signal a potential move towards targets around €2,119 and €2,188. As always, flexibility in our analysis is key to adapting to the evolving market dynamics.
MultiversX (EGLD) Analysis
EGLD/EUR is currently on a bullish trend, but the current formation of an 'M' pattern suggests a potential reversal to a bearish sentiment. However, it's crucial to note that if this pattern doesn't materialize, it might indicate a consolidation phase, possibly setting the stage for a flag and pole pattern - a bullish continuation pattern. To confirm a bullish scenario, we'll closely watch for an exit above the resistance at €49.96. Such a move could open up targets around €55.17 and €59.22. Conversely, for a bearish turn, a breakdown below the critical support level of €36.66 would confirm the 'M' pattern, with potential targets at €31.67 and €27.81.
Ripple (XRP) Analysis
XRP/EUR seems to be entering an accumulation phase, making it an interesting prospect for long-term investments. For those who missed buying at lower levels, an opportunity could be on the horizon as XRP approaches its support zones.
Support levels around €0.5000 and €0.4556 are particularly noteworthy for potential accumulation. The €0.5000 level, in particular, holds significance due to the presence of a support line and historical support. This creates an attractive entry point for both long-term investors and scalpers.
For short-term gains, scalping opportunities may arise at these lower levels. For swing traders, potential targets could be around €0.6238 and €0.6846. It's worth mentioning that upcoming events, such as halving, could impact the crypto market. Historically, cryptocurrencies have shown bullish trends around halving events, so keeping an eye on this could provide additional insights in the coming days.
Shiba Inu (SHIB) Analysis
SHIB/EUR is currently forming a 'W' pattern, aligning with the general bullish trend in the crypto market. This increases the likelihood of a bullish scenario for SHIB. Additionally, with the halving event on the horizon, better opportunities might emerge.
To confirm the 'W' pattern, we're looking for a price movement above the level of €0.00001027. If this breakout occurs, it could pave the way for targets at €0.00001176 and €0.00001280. Keeping an eye on these key levels and the overall market sentiment is crucial for making informed trading decisions.
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