Last week in crypto 31 July - 6 August 2023

Crypto Market Update for the Last 24 Hours (12 to 13 July 2023)

🌍 Global Crypto Market Capitalization: €1.06T (-0.53%)
📈 Total Crypto Market Volume (Last 24 Hours): €26.04B (+2.99%)
💼 DeFi Volume: €1.78B (6.85% of the total crypto market volume in the last 24 hours)
💱 Total Stablecoin Volume: €23.51B (90.29% of the total crypto market volume in the last 24 hours)
💪 Bitcoin Dominance: 49.89% (-0.16%)

Bitcoin (BTC) analysis and update

BTC/EUR's extensive consolidation phase indicates an extended period of price stabilization, prompting vigilant investors to seek potential breakout or breakdown signals. At present, an inverted cup and handle pattern is forming. This pattern is characterized by a rounded top ("cup") followed by a brief pullback ("handle"), suggesting a possible bearish continuation.

It is important to note that the bearish possibilities indicated by the inverted cup and handle pattern are somewhat tempered by a bearish divergence observed in the MACD indicator. This divergence occurs when the price reaches higher highs while the indicator displays lower highs, signifying a potential weakening of bullish momentum.

Moreover, the situation is further complicated by the presence of a supportive trendline, which has historically played a significant role in guiding price movements. If BTC/EUR's price were to break below this trendline, it could trigger a notable selling scenario, with the estimated breakdown zone situated around 26,000 Euro.

In the event of a supportive trendline breakdown, traders may set their sights on an initial target of approximately 25,393 Euro, aligning with the trendline's historically supportive nature. Further target levels could be identified at 24,656 Euro and 23,712 Euro.

For scalpers looking for strategic opportunities, the consolidation zone within the range of 26,000 Euro to 27,623 Euro provides potential entry and exit points for short-term trading.

Ethereum (ETH) analysis and update

ETH/EUR - Similar to BTC, the ETH/EUR pair is showing a bearish divergence at the MACD indicator, suggesting a potential weakening of bullish momentum.

Supportive and Resistive Trendlines
The price movement of ETH/EUR is influenced by two trendlines - a supportive one and a resistive one. These trendlines are interacting to form a smaller triangle pattern, indicating a period of price contraction and the possibility of an imminent price movement.

Consolidation Zone and Potential Breakout
Within the consolidation range, spanning from 1,833 Euro to 1,671 Euro, lies a critical zone where price movement has been confined. A significant development to watch for is if ETH/EUR manages to break above the resistive trendline. Such a breakout could trigger a short-term bullish movement, with an initial target set around 1,700 Euro, a psychologically important level. Subsequent targets could be identified at 1,743 Euro and 1,786 Euro, respectively.

Bearish Breakdown Scenario
On the other hand, if the price breaks down below the supportive trendline and the support zone around 1,652 Euro, it could signal the beginning of a bearish movement. Potential downside targets could be around 1,596 Euro and 1,561 Euro.

As always, it is crucial for investors to carefully monitor these technical patterns and levels to make informed decisions and manage their risk accordingly.

MultiversX (EGLD) analysis and update

EGLD/EUR's price movement is currently tracing a resistive trendline that has been influencing recent price actions. The critical development to monitor is the possible breakthrough of this trendline, which necessitates surpassing the previous higher high located at approximately 28.68 Euro.

Potential Bullish Move and Targets
In the event of a successful break above the 28.68 Euro level, traders may anticipate potential upside targets at 29.72 Euro  and 30.48 Euro, respectively. These levels could function as resistance points, temporarily impeding the price's upward momentum.

Demand Zone
Notably, the presence of a resilient demand zone lends further support to this analysis.

Polkadot (DOT) analysis and update

DOT/EUR's price trajectory has recently experienced a breakdown of its demand zone, indicating a shift in market dynamics. However, the current consolidation phase near this demand zone introduces uncertainty and suggests potential bearish weakness.

Traders Trapped at Demand Zone Breakdown

The consolidation phase becomes interesting as it may trap traders who initially entered short positions when the demand zone broke down. The price's return to this zone creates a scenario where stop-loss orders of short traders, often placed just above the demand zone breakdown level, are at risk of being triggered.

Potential Targets in This Scenario

Given this scenario, if the price manages to reclaim and surpass the 4.64 Euro level, it could potentially trigger the activation of stop-loss orders for short traders. This development might drive the price towards levels of 4.73 Euro, 4.79 Euro , and 4.95 Euro, respectively. These levels could serve as areas of potential resistance, potentially marking the end of the bearish momentum.

Algorand (ALGO) analysis and update

ALGO/EUR's recent price action has resulted in a breakout from a triangle pattern, indicating a potential shift in market dynamics. This development is a crucial factor to keep an eye on.

The Importance of Previous High Breakout

An intriguing aspect to monitor is the possibility of the price surpassing its previous high. Such a move could potentially trigger a bullish trend, aligning with the positive sentiment stemming from the pattern breakout.

Inverse Head And Shoulder Pattern at MACD

In addition to the pattern breakout, the MACD indicator is worth noting. Its display of an inverse head and shoulder pattern suggests the potential for bullish market momentum. Yes, we can consider patterns of MACD & RSI for analysis.

Potential Targets upon Previous High Breakout

If the price successfully breaks above its previous high of 0.1015 EUR, this opens the door to potential target levels at 0.144 and 0.1082 EUR, respectively. These levels could serve as significant resistance points, potentially guiding the price's upward trajectory.

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