Altcoin Analysis: BTC, ETH, XRP, EOS, LTC — Cryptocurrency Review
The cryptocurrency market has been near its highs since November last year. Since Monday, market capitalization has decreased by 1% to a value of $182 billion.
Against the background of neutral news, in a number of instruments, there is a noticeable purchase at current levels. Volatility has decreased and, judging by the mood of the participants, the probability of the market moving to new “highs” is increasing.
The BTC continues to consolidate around the resistance line, which is a sign of the continued strength of the bulls. Volatility has decreased and the chances of further upward movement increase. On the chart, a figure of an ascending triangle is formed, in case of a breakdown of its upper limit and price movement in the region of $5300, again there will be a good opportunity to open a long position with a short stop.
ETH chart returned to the blue line, where, as we noted in the last review, there is a good opportunity to make a first test purchase to check the strength of customers and their confidence in the upcoming growth. Now you can hold the position with the stop below the blue line and carefully monitor the dynamics of the asset. In the case of updating the maximum of the 7th, the share in the portfolio will increase with the transfer of the protective order.
XRP also pushed off the uptrend line at first, but ultimately the chart did not hold in the triangle and slipped below the blue line. Trial purchases that we make in such cases, one of their goals have a test of one or another assumption about future dynamics. In this case, the position is covered and we can conclude that now, in order for the market to believe in growth, the coin must be fixed above the resistance line in the region of $0.37. Up to this point, we prefer to stay out of XRP position. However, given that the rate of volatility of the asset’s return relative to the entire market for this instrument is high, we believe that if the entire market grows and the red line breaks through, the momentum may turn out to be fast.
EOS chart came close to weekly highs. It is difficult to say whether the triangle will continue to narrow, or we will see a way out of it in the coming hours. To open a position, it is worth waiting for the breakdown and subsequent confirmation in the form of fixing chart above the level of $5.85 for some time, picking up the position gradually. In general, the technical picture for the coin develops favorably. Obviously, there is a purchase even at these levels, so the chances of growth are good.
LTC came down from the triangle, and therefore the idea of forming a pulse is soon canceled, but this does not mean that it is canceled over a longer time interval. In the event that chart still can break through resistance at $96, the impulse is most likely to occur. Now, when the volatility has decreased, and there are signs of the emergence of a local trend, we are again starting to gradually form a long position with a stop below $84.5 per LTC.
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Author: Marko Vidrih
Charts via Investing.com