Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The cryptocurrency market has lost about 2.3% in capitalization since Friday. Now the Market Cap is at the level of $298 billion. After the last local correction for most liquid instruments, a rebound of 2–4% is observed.
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BTC chart broke the trend line, which was a signal to close long positions for speculators. Such dynamics should not come as a surprise. Technically, the level of $12,200 has long been clearly visible on the chart. The bulls failed to pass it last week from the first or second time. We believe that for some time, the chart will remain sideways, so speculative trades in small volumes from the lower border of the trading range are possible. It is always worth remembering the profit-risk ratio and the fact that in the current market situation the growth potential is limited by resistance at the level of $12,200.
ETH chart, as expected, over the weekend reached support at $204. At that moment, the bears even made attempts to break through support. However, while demand at this price exceeded supply, as a result of which there is a slight rebound. From a technical point of view, local low is being updated. Until the formation of a reversal pattern, the risk of trading from the long may not be justified. In the current situation, it will take some more time to carefully observe the dynamics of the pair in relation to other market instruments to understand the relative strength of the coin. A neutral position is most preferred at the moment.
Chart of the XRP, breaking through support, quickly reached the next level in the area of $0.293, and then went sideways. If you look at the technical picture over a longer time interval, then, as before, there is nothing interesting here yet. The weakness in the coin is confirmed, as in other altcoins, XRP holders from the beginning of the year have to get nervous much more often than BTC and ETH holders. In the short term, the technical picture is more interesting. If the chart in the near future can stay above the support of $0.293 and show a slight increase, then the price will consolidate above the level of $0.305. At that moment, there will be a chance that trading from purchases can give a positive result. So far, a neutral position and a strategy for observing dynamics from the side are fully justified.
There is no pronounced trend in EOS. It can be noted the formation of a short-term upward trend. However, it is not a fact that trading in it in conditions of general market noise and inaudible dynamics of the entire market will be the right choice of strategy. You need to be patient and wait for the formation of key points. If the negative trend continues, then it is likely to see the price even in the region of $3.6. In the meantime, we simply note the fact that the rebound in the coin after sales is the most technical.
LTC chart bounce after a decline. From a technical point of view, the formation of a reversal pattern cannot be noted. Everything looks exactly like a rebound, although a breakdown of the trend line has taken place. It is necessary for some time to carefully monitor how the coin will behave in comparison with other market instruments. There are no signals to open a position. A hint about whether there are large buyers here or is it just a small speculative rebound will come in the coming days.
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Author: Marko Vidrih
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