Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
August 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The decline in the market accelerated, as a result of which the capitalization rate from Wednesday decreased by 7.1%, reaching a value of $261 billion. There is an increase in volatility and trading volume.
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Bitcoin
The decrease in BTC accelerated, as a result of which chart reached the minimum in value of two weeks ago. The decrease occurs at significantly increased volumes. After a rebound to the upper border of the descending channel, the angle of which has increased markedly, another series of sales followed. Now the main question is whether the chart has already fallen enough to arouse interest among large buyers and develop a trend. A marked increase in volatility is a consequence of a surge in emotional experiences among participants. This is the only sign that in the area of current prices there is a high probability of the formation of a reversal pattern. It is necessary to monitor whether prices will continue to update local lows in the near future while maintaining a neutral position.
Ethereum
In the second-largest coin by capitalization, support at the level of $204 did not sustain. As a result, there was a sharp landslide decline. Chart fell by 10% in 2 hours of trading, after which, ongoing sales moved the price to three-month lows and only after that there was a slight rebound. In a situation of a high degree of uncertainty, it is not necessary to talk about the trade from purchases. All that remains to be done is to wait for the end of the decline phase, observing market parameters and thinking about the level of reversal. After that, it will be possible to talk about the emergence of opportunities for opening a position with an acceptable ratio of potential profit to risk. Under the current conditions, we can definitely say that you should not rush. Most likely, a wait-and-see attitude will save both money and health.
Ripple
In the XRP, following the general market trend, chart plummeted, breaking through support level at $0.29. As a result, the annual minimums for this pair were very close. Strong support is taking place around $0.245, created in September last year. When reduced, this level must be traded, regardless of the direction of further price movement. As mentioned many times in past reviews, in this tool, activity should be minimized. Obviously, pressure on the chart remains. Based on the postulate that technical analysis takes into account everything, in order to save money, we simply remain outside the market in this coin. We observe how participants will behave in case prices approach to support in the region of annual minimums.
EOS
The decline in the market has not spared EOS. Now chart is in the region of monthly lows. A reversal is possible from the current level, but so far there are no clear signs that this will happen in the near future. Volatility decreases after a sharp increase in the eve. Therefore, in the case of the formation of a local trend, it will be possible to try to make the first test purchases.
LTC
In LTC, the price has updated the monthly low and is inside the bearish channel. From a technical point of view, a local rebound is possible, but the trend is still downward. The chances of a reversal are still preserved, but everything will depend on the mood in the market as a whole. It is necessary to observe the dynamics for a while after the sales cycle in order to draw conclusions about the presence or absence of interest in the coin from large players.
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Author: Marko Vidrih
Charts via Investing.com powered by TradingView and ICONOMI
