Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Over the weekend, the cryptocurrency market showed an increase of 3.8%. The capitalization indicator is currently at around $271 billion. So far, the growth is more of a technical nature, although there is still a small local upward trend. The first signs of mood improvement appear.
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The BTC price found support around $9800, after which, over three trading days, consolidation takes place on average volumes. This pattern of coin movement is observed after investors dropped crypto throughout the market at the time of accelerating a decline under the influence of emotions. In this regard, volatility indicators at the end of last week increased sharply. From a technical point of view, a rising triangle figure has formed on the chart, so a confident breakdown of the upper resistance will be the first signal to start trading from purchases.
ETH has a rather interesting technical picture. A triangle figure acts as a reversal figure, which is not so common. The breakdown of the upper resistance made it possible to make the first test purchase, however, at present, a reversal in the market is still being formed. The potential of this wave is limited by resistance in the region of $204. For those who did not have time to buy, there will still be plenty of opportunities. In the current situation, both the movement to the red line region ($204) and the decrease to the trend line indicated on the chart by the green line are equally probable. In the case of chart approaching the green line, it also makes sense to trade from purchases as part of an emerging uptrend.
There is some kind of animation in XRP. At the level of $0.27 a local resistance was formed, after the breakdown of which a small impulse is observed. If the position has not begun to take shape on the breakdown, then it is definitely not worth rushing now with purchases. So far, we can only draw conclusions that there are positive changes in the dynamics of the coin. We monitor the activity of the participants, and in case of another approach of the chart to the red support line ($0.27), or to the green trend line, it makes sense to open a position on the first part of the limit with a short stop-loss.
Against the background of a general market rebound, EOS is trying to get out of the trading range upwards. Since the upper limit of the range is not clearly defined, there must be some additional confirmation to identify the reversal, which may appear a bit later. At the moment, there are tools with a more understandable technical picture, so careful monitoring of the dynamics and a wait-and-see strategy still remain relevant.
In LTC, chart went beyond the upper boundary of the downward channel somehow uncertainly. The price continues to move sideways, with borders of $72- $78, so a signal to start trading from purchases in this coin may be a breakdown of the upper limit of the trading range.
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Author: Marko Vidrih