Market update and analysis for BTC, ETH, EGLD, MATIC and DOT - July 18, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.37T (-1.16%)
📊 Total 24h volume: $73.97B (-18.22%)
💰 DeFi volume: $4.66B (6.30% of total volume)
🔒 Stablecoins volume: $68.25B (92.26% of total volume)
💵 Bitcoin dominance: 53.99% (+0.20%)
Bitcoin (BTC) Analysis
BTC/USD has shown a Change of Character (CHoCH) towards the bearish market structure. Currently, the price is near a crucial resistance zone. For confirmation, we need to observe bearish signals around the level of 66,608 USD. If the price rejects this resistance and shows signs of bearish reversal (such as CHoCH), a short position could be initiated with targets of 63,886 USD and 62,042 USD.
Ethereum (ETH) Analysis
ETH/USD hasvformed an M pattern with bearish divergence, increasing the probability of a bearish move. If the price breaks down below the 3,327 USD support level, it can signal further downside with targets of 3,281 USD and 3,235 USD.
MultiversX (EGLD) Analysis
EGLD/USD has formed an inverse head and shoulders pattern, which is a bullish pattern. This increases the probability of a bullish move. The inverse head and shoulders pattern suggests a potential bullish move. If the price breaks out above the resistance level of 37.63 USD, it can signal further upside with targets of 38.94 USD and 40.13 USD.
Polygon (MATIC) Analysis
MATIC/USD has broken out of a resistive trendline and formed an inverse head and shoulders pattern at lower levels, increasing the probability of a reversal. If the price breaks out above the confirmation level of 0.585 USD, it could signal a bullish reversal, with potential targets at 0.652 USD and 0.712 USD.
Polkadot (DOT) Analysis
DOT/USD has taken liquidity and formed a W pattern with bullish divergence, together increasing the probability of a bullish move. If the price breaks out above the confirmation level of 6.64 USD, it could signal a bullish reversal, with potential targets at 7.42 USD and 8.21 USD. This setup is strengthened by the bullish divergence, indicating that the underlying momentum supports an upward move.
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