Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
September 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Once again, the market reminded short-term speculators of the importance of issuing protective orders. The collapse in the day, as a result of which the capitalization decreased by more than 15%, caused decent discomfort to many participants.
Bitcoin
The breakdown of the triangle took place, after which within a day Bitcoin lost about 15% in value. The collapse of the market is accompanied by high volumes. At one point, support was broken in the region of $9,200. Now the chart after a sharp decline is consolidating in the range of $8400- $8700. Oversold is observed at a higher time frame, therefore, continued sales in the same volumes are unlikely. Immediate support is located in the region of $8300 and $7500. There are currently no grounds for active operations. A neutral position remains the most preferable until the moment when the volatility drops to normal values, and the market has not decided on the level from which it will become possible to form a reversal pattern.
Ethereum
ETH followed the general market trend. The chart broke through the level of $202 at which a protective order was placed. After that, the “bears” took the chart to the area of the values of the end of the last month, practically not meeting any resistance from the “bulls”. Volatility is high, the volume has passed a lot. According to the classics, it is now possible that the beginning of the formation of a key turning point is observed, however, this may take some time, and there is no confidence in the uniqueness of such a conclusion. It is necessary to carefully monitor the dynamics and before making any trading decisions, wait until the volatility decreases to its normal values.
Ripple
XRP chart against the background of the general negative dynamics of the market broke through all possible support, falling to the values of December 2017. Once again, the outsider inclinations of the coin showed up. In this regard, we can conclude that before the start of a new cycle, in conjunction with clear signs of a change in the situation, there is nothing to catch. A neutral position and observation of the dynamics from the outside will allow you to save capital, and the redistribution of the limit in favor of other cryptocurrency instruments can contribute to improving results in the next market cycle.
EOS
EOS trading is characterized by higher volatility. In addition, the coin continues to decline at the moment. Now the price is where it was in February this year. Growth for 8 months is lost in one day. All the support noted earlier was completed in less than a day, while the sales volumes are really impressive. In the current situation, it will be very difficult to determine support levels with a high degree of accuracy, therefore, it is necessary to wait for the participants to calm their emotions and bring the market situation to a more or less stable one.
Litecoin
LTC chart breaking the blue trend line, followed the market made a landslide decline, falling by 20% in two days and reaching the values of six months ago. In the current situation, it is best for some time to remain out of position on the side of active actions, since all landmarks are lost, and new levels will be formed after the emotions of the participants settle down.
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Author: Marko Vidrih
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