Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Since Monday, the market has grown by an average of 8%, mainly due to the growth of Bitcoin. Volumes increased. The capitalization index is at the level of $353 billion, which corresponds to the values of two weeks ago.
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BTC price breaking through local resistance at $11,900, continued their ascent. The immediate goal is located in the area of the previous highs of 26 June. As expected, after reducing volatility, the bulls started showing again, but everything happened relatively quickly, which means that big money continues to show interest in this asset even at current levels, and the overall market consensus on the future prospects of the first coin is rather positive. From a practical point of view, it makes sense to stay long until the price reaches the resistance level, and the further strategy will depend on the behavior of participants in the $14,000 key point for 1 BTC.
At ETH, market participants also show increased activity, volumes have increased, but a pronounced progressive upward movement has not yet occurred. Here, the price is most likely trying to pull up following the BTC movement. It is still far from the highs of June 26, but based on the current technical picture, it is still preferable to stay in a long position with a stop loss below the red line at $300. Scenarios can be very different, but the uptrend indicated by the blue line is still upward, and therefore trading from purchases in the calculation, if not for a quick impulse, then at least to continue the trend, while maintaining general market sentiment, can bring positive results.
In XRP, as in the second altcoin, by market cap, nothing changes. Participants are only interested in BTC and ETH, and nothing can be done about it. As part of portfolio management, as we wrote in the last review, it is advisable to keep a small long position for some diversification in order to reduce risk, as well as in case of a sharp change in the current market situation. Everything can happen, therefore, you don’t want to miss the momentum. The strategy does not change. The apparent weakness in the coin of many disappoints, but this is the market. The volume of long is based on current reality. Stop loss below the blue line.
In EOS, consolidation is preserved and for this reason, the strategy does not change — we are waiting for an exit, and if the chart break through the level of $6.10, a window will open for opening a long position. So far, altcoins are not in demand, but at the same time, the technical picture hints that, if such a scenario is implemented, the impulse may be sufficient to catch a good ride on it. Careful observation of the dynamics and waiting for the moment is now justified from the point of view of possible future prospects.
In LTC, the chart attempted to break the upper limit of the range, but then returned. Apparently, there is a demand for coins, but fear in the market is still stronger. Positions are temporarily covered to clarify the situation. LTC, along with other altcoins, is waiting in the wings, and therefore the capital preservation strategy is most convenient here.
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Author: Marko Vidrih
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