Market update and analysis for BTC, ETH, EGLD, SOL and FIL - June 10, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.52T (-0.57%)
📊 Total volume 24h: $51.2B (-2.42%)
💵 DeFi volume: $4.62B (9.02% of total volume)
🔒 Stablecoins volume: $47.5B (92.77% of total volume)
₿ Bitcoin dominance: 54.16% (+0.28%)
Bitcoin (BTC) Analysis
BTC is presenting potential opportunities for both bullish and bearish scenarios, depending on the direction of the breakout.
Bullish Scenario: W Pattern
For a bullish move, we need a breakout above the critical level of 69,916 USD, which will confirm the W pattern. This breakout would likely lead to further gains towards the targets of 70,524 USD and 70,887 USD.
Bearish Scenario: Bear Flag Pattern
For a bearish move, we need a breakdown below the critical level of 69,170 USD, which will confirm the bear flag pattern. This breakdown would likely lead to further declines towards the targets of 68,725 USD and 68,393 USD.
Ethereum (ETH) Analysis
ETH has shown signs of a liquidity trap, suggesting potential bearish movement. For confirmation, watch for a breakdown and candle close below 3,667 USD to confirm the bearish move, targeting 3,646 USD and 3,629 USD. This breakdown would likely trigger stop-losses (SL) of buyers and confirm the M pattern.
MultiversX (EGLD) Analysis
EGLD has taken the sell-side liquidity, potentially trapping sellers who entered after the bearish move. If the price breaks and closes above the level of 36.12 USD, we can expect a bullish move.
For a bullish move, watch for a breakout and candle close above 36.12 USD. This breakout could lead to further gains towards the targets of 37.08 USD and 38.13 USD. If this breakout occurs after forming a W pattern or an inverse head and shoulders pattern, it would further strengthen the bullish case.
Solana (SOL) Analysis
SOL has formed a head and shoulders pattern on a higher time frame (HTF) resistance level, increasing the probability of a bearish move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 159.84 USD. This breakdown would likely lead to further declines towards the targets of 158.71 USD and 157.74 USD.
Filecoin (FIL) Analysis
FIL has taken the buy-side liquidity, potentially trapping buyers who entered at the highs. It has subsequently formed an inverse cup and handle pattern, increasing the probability of a bearish move.
For confirmation of this bearish outlook, we need a breakdown below the critical level of 6.033 USD. This breakdown would likely lead to further declines towards the targets of 5.928 USD and 5.840 USD.
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