Market update and analysis for BTC, ETH, EGLD, AVAX and FIL - June 17, 2024
Crypto Market in the last 24h:
š Global market cap: $2.42T (-0.09%)
š Total 24h volume: $48.56B (+11.54%)
š° DeFi volume: $4.26B (8.77% of total volume)
šµ Stablecoin volume: $44.12B (90.87% of total volume)
šø Bitcoin dominance: 54.07% (+0.09%)
Bitcoin (BTC) Analysis
BTC is currently showing a bearish market structure and has formed a bear flag pattern. This setup, along with the potential for liquidity grabs below previous lows, increases the probability of a bearish move.
For confirmation of this bearish outlook, we need a candle close below the support level of 65,937 USD. This breakdown would likely lead to further declines towards the targets of 65,417 USD and 65,025 USD.
Ethereum (ETH) Analysis
ETH is showing bullish potential with the formation of a W pattern and bullish divergence. The W pattern, known for its reversal characteristics, combined with bullish divergence, increases the probability of a bullish move. Watch for a breakout above 3,655 USD to confirm the bullish move, targeting 3,751 USD and 3,845 USD.
MultiversX (EGLD) Analysis
EGLD is showing bullish potential with the formation of a descending channel and bullish divergence. The descending channel often indicates a potential trend reversal, and the bullish divergence strengthens this outlook. Watch for a breakout above 34.02 USD to confirm the bullish move, targeting 34.96 USD and 35.97 USD.
Avalanche (AVAX) Analysis
AVAX has formed a bear flag pattern, which is a trend continuation pattern. Given the current bearish trend, we can expect a bearish move if the price closes below the critical level of 29.27 USD. This breakdown would likely lead to further declines towards the targets of 28.83 USD and 28.45 USD.
Filecoin (FIL) Analysis
FIL is exhibiting bearish potential with the formation of an M pattern within a bearish market structure. The M pattern, a reliable bearish reversal indicator, coupled with the overall bearish market structure, increases the likelihood of a downward move. Watch for a breakdown below 5.131 USD to confirm the bearish move, targeting 5.057 USD and 4.991 USD.
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