Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
May 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Over the past two days, after another update of the highs and the capitalization reached $263 billion, a correction has passed on the cryptocurrency market, which is currently ongoing.
While the participants in the market are still getting used to the new prices, the volatility is high, as are the volumes. Compared to Wednesday, capitalization fell by 7% to $228 billion.
BTC tried twice but could not pass the level of $8350, after which a regular correction began. During the breakdown of $7650, the rest of the position was closed and now the blue trend line acts as a price guide for the current wave of decline. At the moment there is some oversold, large volumes have passed, so trial purchases of moderate size can be made now. In case of approaching chart to it, we will wait for the formation of pivot points and look for a moment to increase the size of the position. Stop-loss below the blue line.
At ETH, relatively large amounts of money are being spent, the coin has quickened and over the past two days, it looked even more confident than BTC. The correction also affected ETH, but so far everything is happening within the framework of a movement that can be analyzed. We are waiting for the chart to approach the blue trend line or the breakdown of the highs from the 16th day. In both cases, the profit/risk ratio will be acceptable. As for the size of the position, it will depend on the magnitude of the risk at the time of opening the position, if such an event occurs. While staying out of position in this coin.
The XRP is well shot, but now it is also well adjusted. High volumes and volatility remain, however, the renewal of the minima within the framework of this correction suggests that we should wait. While the landmark is the blue trend line. When approaching the chart, you will need to build a strategy based on the price dynamics of the entire market. The coin is relatively light and the indicator of asset volatility is higher than the market one, which should always be considered when forming a position in this coin.
EOS showed a reversal formation when it failed to update a maximum of the 15th and after that, the chart fell below the green line. Now the price is below the blue trend line and you need to carefully look at the dynamics of the chart. In the event that chart in the coming hours returns above the trend line or a pivot point forms on a lower timeframe, you can try to restore the position with a short stop-loss. Otherwise, we remain out of position.
In LTC there was a sharp breakdown, after which the coin reached the price of $106 by inertia, and then returned to yesterday below the red line. This dynamic suggests that at the moment it is still the weakest tool we are considering and we must be careful with it. While there are no signals, local minima are being updated, so we are watching from the outside.
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Author: Marko Vidrih
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