Market update and analysis for BTC, ETH, EGLD, AVAX and FIL - September 23, 2024
Crypto market in the last 24h:
š Global market cap: $2.24T (+1.60%)
š Total 24h volume: $66.53B (+48.41%)
š° DeFi volume: $3.62B (5.45% of total volume)
š Stablecoins volume: $60.51B (90.96% of total volume)
šµ Bitcoin dominance: 56.38% (-0.09%)
Bitcoin (BTC) Analysis
BTC is offering opportunities for both bullish and bearish scenarios. On the bearish side, it could form an M pattern with bearish divergence, increasing the probability of a downside move. For confirmation, a breakdown and candle closing below the support zone of 62,234 USD is required, which could lead to targets of 61,542 USD and 60,875 USD.
On the bullish side, price consolidation following a recent bullish move raises the likelihood of a continuation. For confirmation, a breakout and candle closing above the resistance zone of 64,099 USD is needed, which could bring targets of 64,922 USD and 65,755 USD.
Ethereum (ETH) Analysis
If ETH experiences a decline from its current level, it could form an M pattern with bearish divergence, increasing the probability of a bearish move. For confirmation, a breakdown and candle closing below the support zone of 2,515 USD is necessary, which could lead to targets of 2,474 USD and 2,432 USD.
MultiversX (EGLD) Analysis
EGLD is currently in the process of forming a head and shoulders pattern with bearish divergence, which increases the probability of a bearish move. However, for confirmation, we need a breakdown and candle closing below the support zone of 27.09 USD, which could open up targets of 26.47 USD and 25.95 USD.
On the bullish side, if the price rises and breaks out above the resistance zone of 29.02 USD, with a candle closing above it, this would confirm a breakout of a bull flag. In this case, we could expect targets of 29.65 USD and 30.35 USD.
Avalanche (AVAX) Analysis
AVAX has formed an inverse cup & handle pattern, which signals a potential bearish move. If the price breaks down and closes a candle below the 26.17 USD support zone, it will confirm the formation of a lower low and lower high structure. This would further increase the probability of a bearish move, with expected targets at 25,30 USD and 24,58 USD.
Filecoin (FIL) Analysis
FIL has formed a W pattern and has already broken out of its resistance zone. However, for confirmation of the breakout and to ensure the retest is successful, we need a candle closing above the resistance zone of 3.79 USD. If this confirmation occurs, it can give us the next targets of 3.96 USD and 4.16 USD.
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy or sell any of these cryptocurrencies using the free digital wallet. SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.
Total or partial reproduction of this report is permitted only by mentioning the source.