Altcoin Analysis: BTC, ETH, XRP, BCH, LTC Cryptocurrency Review
October 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Since Monday, the cryptocurrency market has declined on increased volumes by 3.2%, as a result, the indicator of total capitalization is at the level of $216 billion.
Bitcoin
After some consolidation in the region of $8200- $8300, the BTC chart began to decline again, and therefore, a protective order at the level of $8150 worked. Currently, the price on increased volumes is moving in the region of the blue trend line, passing at the level of $7900. From a technical point of view, a pronounced lateral pattern is observed at an interval of one month. All short-term speculations ultimately yield a near-zero result. How long such dynamics will last is unequivocally difficult to say. At the moment, there are no other ideas besides trying again to enter a small volume to reduce prices to the level of the blue line. Stop loss below the trend line, taking into account volatility.
Ethereum
In ETH, the bulls tried to break through the upper boundary of the downward channel, but the first time it did not work. Now the chart amid general negative market dynamics is also declining. The immediate goal of the decline is in the region of $155- $160. There are no signs of a reversal, and therefore, the neutral position in this instrument is still the most logical.
Ripple
The breakdown of the upper boundary of the triangle turned out to be false. The coin failed to update the maximum reached last week. Now XRP has reached the blue trend line, originating from the end of September. It is worthwhile to carefully monitor the dynamics since in the coming hours it will become clear whether there are participants at this level who, by their volumes, will be able to support the development of the trend. While the long position is maintained, stop loss below the blue line is logical.
Bitcoin Cash
BCH chart followed the general market trend, quite a bit before reaching the values of two-week highs. Positions should be all covered. As previously discussed, now the coin is largely dependent on general market sentiment, and current short-term fluctuations can only be used for speculation with a very small amount. Over a longer time period, the instrument does not have a pronounced trend, and lateral movement has been maintained for almost a month.
Litecoin
In LTC, the sidewall is preserved, while the coin moves depending on the developing dynamics in more liquid instruments. The market noise level remains, and here false breakouts and volatile movements are possible both in that and in the other direction. Before committing any active actions, it will be more correct to stay away for some time to wait for the formation of a larger clear technical picture both in LTC and in the market as a whole.
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Author: Marko Vidrih
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