Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
October 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Over the weekend, the indicator of the total cryptocurrency market capitalization fell by 1.8% and is in the region of $213 billion. Against the background of low activity and neutral news, the indicator is gradually sliding to the values of a week ago.
Bitcoin
BTC for these days has not been able to update the values that were reached in the early days of October and continue to decline as part of the bearish channel to the minimum area on September 30. In the near future, it is quite possible that the question will arise of testing the level of $7,750 for strength, and already according to the results of this event, it will be possible to talk about the presence or absence of a desire for bulls to buy at current prices. In the meantime, a neutral position and a decrease in activity are fully justified, which is why, in the current situation, it is most likely advised to continue to adhere to this strategy.
Ethereum
ETH could not hold above the blue trend line and followed the general market trend. Now, from a technical point of view, the movement takes place in a downward channel and a lot will depend on the mood of the participants in the whole market. The confidence with which the coin has been holding lately attracts attention. There are no reasons to speak with confidence about the beginning of the formation of the upcoming growth phase. For this reason, the preservation of capital and the expectation of better conditions may be the most appropriate solution in this situation.
Ripple
In XRP, as expected, the breakdown of weekly highs triggered an increase in trading volume. Technically, the breakdown opened up the possibility for the formation of a small short-term speculative position. It is not entirely correct to completely ignore signals in portfolio management. Along with this, as has been mentioned many times in previous reviews, long-term coin chart feel pressure from a large seller. Any rebound can be used to resume sales, therefore, the size of the position to be opened must be approached taking into account this factor. In case of continuation of the impulse, opportunities for increasing the share in the portfolio will still appear.
EOS
In EOS, sideways continues. The chart moves in the range of $2.87- $3.08. In case of positive changes in the market as a whole, it will be possible to wait for the breakdown of the upper border, and trade in the direction of breakdown. Until this point, there is uncertainty, in view of which, a neutral position remains relevant.
Litecoin
In LTC, as in EOS, the situation has not changed for almost two weeks. The sidewall remains in the range of 10%. The technical picture, for this reason, involves the resumption of any activity only in case of breakdown of the upper border of the trading range.
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Author: Marko Vidrih
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