Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The cryptocurrency market recovered slightly after a decline at the end of last week. The capitalization index added about 2% and reached a value of $251 billion.
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Starting on Friday, BTC chart slowly recovering. Events began to develop in the least likely scenario. The market did not see another update of the lows at this stage. Now the price is moving within the short-term trend. This is not a reason to talk about a complete U-turn. We already saw this behavior last week, only volatility was then slightly higher. It makes sense to closely monitor the dynamics and make transactions from purchases as the trend develops at points with minimal risk and with clear control over the position size. Definitely to say where the price will be in a day or a week, in this case, is very difficult. However, if the bottom is passed, then there is a risk of missing a good opportunity. Stop loss below the blue line.
At ETH, a sideways pattern formed over the weekend. In almost all instruments, including ETH, participants make certain trading decisions with an eye on the dynamics in BTC. In our case, these statistics are also confirmed, which is why there is no obvious trend in the coin. A neutral position with regular monitoring of participants’ activity is the most profitable strategy at this point in the market. It is possible that only in case of a confident breakdown of the level of $174, a window will open for new purchases for the first part of the limit.
XRP chart “stuck” to the level of $0.255. Further dynamics will largely depend on general market sentiment. The fact that there is a large seller in the coin for a long period of time is obvious. However, some time ago, there were still signs of a decrease in pressure on the chart. This phenomenon, one-time, or the seller has completely left, can only be said after some time has passed. As mentioned earlier, the purchase makes sense only in the case of the formation of a reversal pattern or a local trend within the range of $0.255- $0.29. There are currently no such conditions.
Periodic outbursts of volatility in the coin indicate the completely divergent views of the participants regarding its immediate prospects. There is still a small short-term trend. If you can buy with little risk, then the situation can be used. In this case, placing limited orders will help. There is no need to talk about a confident trend, so the position size should take this fact into account. In general, the dynamics of the coin is completely dependent on the dynamics of the market leader represented by BTC.
Technically, something similar to a reversal is being formed. Perhaps at $62, the price found support. Therefore, a coin can be represented in a portfolio with a small volume with a short stop. However, there are no vivid signs of personality. Everything will depend on general market sentiment.
Author: Marko Vidrih
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