Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The cryptocurrency market continues to recover. Since Monday, the capitalization rate reached $269 billion, an increase of 7.1%.
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At BTC, the uptrend has sharply increased since Monday. As a result, over the past two days of almost recoilless growth, the chart of the coin added about 9%. Due to the high uncertainty and relative strength of Bitcoin, there is a chance of unexpected growth. The closest target is in the highs of July 20 ($10,900), while a protective order is logical to place in the $10.400 price range.
In ETH, the trend for following movements in BTC remains. There was a breakdown of the level of $174, which was noted as significant for the start of trading from purchases. But such a movement was made possible thanks to positive changes in Bitcoin. An unambiguous choice of strategy, in this case, most likely does not exist. On the one hand, there is a clear weakness and the next wave of decline is highly likely that ETH will again show worse dynamics than the market.
In one hand, why to bother with altcoins if there is such a tool as BTC. On the other hand, technical factors favor ETH purchases. In this case, it is advisable to redistribute the limits, while participating in all the signals in the monitored instruments. One or another trading signal should not be missed just because there is no faith in what is displayed on the chart. With a situation can change at any second. Sometimes it happens that as soon as a trader violates his own trading rules, he will immediately skip almost the best opportunity in his life.
Discipline, money and risk management — these are the tools that allow you to survive and make money in any financial market. But understanding this comes with experience. Based on the foregoing, in this case, it would be most correct to have in the portfolio some share of this coin with a stop below the red line, monitor the dynamics and add it with the transfer of the protective order in case of trend development.
XRP also show positive dynamics against the backdrop of Bitcoin growth. It is likely that the limit on the instrument should be reduced, but it is necessary to strictly follow your own trading rules. Now there is a trend formation from the level. It means that the probability of growth higher than the likelihood of further decline. Stop loss below the blue line and increase the position at points with an acceptable ratio of profit to risk.
In EOS, it is somewhat difficult to uniquely identify levels and points of trend formation. Due to the period of increased volatility at the end of the last and the beginning of the current week, as well as the presence of long shadows on the chart. There is a trend, so if in the near future chart can gain a foothold above the green line, there will be an opportunity to open a long position.
As expected, the price of the coin went above the breakdown of the upper resistance of the trading range. LTC clearly stands out from other altcoins. At the moment, the chart is near the trend line. There is an opportunity to increase the position and closely monitor the dynamics. Stop loss below the blue line, but taking into account volatility indicators.
Author: Marko Vidrih
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