Market update and analysis for BTC, ETH, EGLD, FIL and AVAX - June 13, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.45T (-0.11%)
📈 Total 24h volume: $92.31B (+16.88%)
💰 DeFi volume: $7.1B (7.69% of total volume)
💵 Stablecoins volume: $86.07B (93.24% of total volume)
🔸 Bitcoin dominance: 54.28% (+0.02%)
Bitcoin (BTC) Analysis
BTC has formed an inverse cup and handle pattern, a bearish pattern that suggests a potential downward move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 65797 USD. This breakdown would likely lead to further declines towards the targets of 63699 USD and 61927 USD.
Ethereum (ETH) Analysis
ETH has shown a Change of Character (CHoCH) towards a bearish market structure, forming lower lows and lower highs. The M pattern has already broken out, though some of its targets remain unfulfilled, increasing the probability of a further bearish move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 3434 USD. This breakdown would likely lead to further declines towards the targets of 3344 USD and 3248 USD.
MultiversX (EGLD) Analysis
EGLD has formed a head and shoulders pattern on a higher time frame resistance zone, increasing the probability of a bearish move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 33.64 USD. This breakdown would likely lead to further declines towards the targets of 33.30 USD and 32.97 USD.
Filecoin (FIL) Analysis
FIL is currently consolidating after a fall, forming a bear flag pattern. Additionally, an M pattern is forming within the bear flag, which overall increases the probability of a bearish move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 5.37 USD. This breakdown would likely lead to further declines towards the targets of 5.24 USD and 5.12 USD.
Avalanche (AVAX) Analysis
AVAX is showing bearish potential with the formation of an M pattern after trapping buyers. Watch for a move below 32.46 USD to confirm the bearish move, targeting 32.09 USD and 31.74 USD.
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