Market update and analysis for BTC, ETH, EGLD, KSM and LTC - September 5, 2024

Crypto market in the last 24h:

🌐 Global Market Cap: $2.01T (+0.54%)
📊 24h Total Volume: $64.72B (-6.01%)
💰 DeFi Volume: $3.47B (5.36% of total volume)
🔒 Stablecoin Volume: $60.15B (92.93% of total volume)
💵 Bitcoin Dominance: 56.32% (+0.12%)

Bitcoin (BTC) Analysis

It seems Bitcoin is showing signs of a potential bullish move, forming an inverse head and shoulders pattern. This pattern, combined with the recent price movement, increases the probability of a bullish move. However, for confirmation, we need to see a breakout and a candle closing above the resistance zone at 58,717 USD. If this breakout occurs, potential targets could be 59,608 USD and 60,452 USD.

Ethereum (ETH) Analysis

Ethereum is displaying similar price action to Bitcoin, also forming an inverse head and shoulders pattern along with bullish divergence. This pattern and divergence increase the probability of a bullish move. However, confirmation is key. A breakout and a candle closing above the resistance level of 2,490 USD are necessary to validate the bullish scenario. If this breakout occurs, potential targets could be 2,526 USD and 2,562 USD.

MultiversX (EGLD) Analysis

EGLD has formed a descending channel pattern, accompanied by bullish divergence, which increases the probability of a bullish move. However, confirmation is crucial. A breakout and candle closing above the resistance level of 27.42 USD would be needed to confirm the bullish scenario. If this breakout occurs, potential targets could be 28.40 USD and 29.40 USD.

Kusama (KSM) Analysis

Kusama has broken out of a resistive trendline and formed a W pattern, accompanied by bullish divergence. This setup increases the probability of a bullish move. However, confirmation is essential. A breakout and candle closing above the resistance level of 18.93 USD would confirm the bullish scenario. If this breakout occurs, potential targets could be 19.64 USD and 20.41 USD.

Litecoin (LTC) Analysis

Litecoin has formed a flag and pole pattern, with an inverse head and shoulders pattern developing within it. This combination increases the probability of a bullish move. However, for confirmation, a breakout and a candle closing above the resistance level of 68.27 USD is necessary. If this breakout occurs, it could lead to potential targets of 70.33 USD and 72.48 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.

Click on the image

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.