Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Over the past two days, the cryptocurrency market has lost about 5.7%. The capitalization indicator has so far dropped to $281 billion. This is the minimum value since August 3 of this year. The downward trend persists.
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After a two-day consolidation in the lower boundary of the trading range, there was no rebound. BTC chart rushed down. Technically, after the breakdown of the uptrend line on Saturday, the decline takes place within the downward channel. At sales, volumes increase markedly. This suggests that now the main trend is down. In such a situation, there can be no talk of any trade from purchases. Most preferred would be a neutral position in order to preserve capital, in anticipation of future good opportunities.
ETH chart after the rebound reduced again. The minimum update was earlier than the BTC. On the current wave of sales, the price of the coin is higher than the 10th. From a technical point of view, around $204 passes support. In case that chart approach this level, it is possible to make a small purchase with a short stop below $202, based on the rebound and the subsequent formation of a reversal pattern. The position size should not be large since so far this is only an assumption that a key turning point will be formed at current levels.
XRP chart from the 9th went sideways. On the current wave of sales in BTC, there is no strong pressure on the price of the coin. Technically, taking into account a long period of weakness, a purchase will become advisable if the chart is confidently fixed above $0.305- $0.306. Until this moment, probably the most justified strategy, taking into account all the nuances, can be a wait and see attitude.
At EOS, chart again returned to the $4.40 area, which since the end of July has been acting as a center of attraction for the price of this coin. The lateral trend persists, there is no pronounced interest on the part of buyers. Of the short-term ideas, we can only note the possibility of speculative trading in small volumes within the framework of the trend indicated by the blue line. Stop-loss, in this case, is best placed below the trend line.
In LTC, chart again approaching the level of support. There is a side trend. A small purchase from a level with a short stop-loss, counting on the formation of a reversal pattern in the near future, may be justified. Careful monitoring of the dynamics in the near future will allow us to draw conclusions about the presence or absence of interest from large participants.
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Author: Marko Vidrih
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