Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Over the past two days, against the background of neutral news, the market saw a correction in most cryptocurrency assets. Since Wednesday total capitalization fell by more than 12% to a value of $312 billion. Volumes increased again.
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The price of BTC sharply turned down for no apparent reason, by the current moment the capitalization of the coin has decreased by 14%. Thus, the entry into the area of maximums from the 26th did not take place, and now it takes time to form on the chart new key points. Such coin dynamics suggests that since the last update of the highs, the alignment of forces between bulls and bears has changed significantly and it is quite likely that the chart will be in the outset with wide boundaries, and therefore speculators will need to endure sit out and save capital for future opportunities. Neutral position again may be the most correct strategy in this situation.
At ETH, investors also faltered after sales at BTC, as a result of which the price fell to the level of the middle of last month. All positions must be closed at worst in a foot around $300. The update of local minima confirms the downward movement of the last two weeks and indicates that the conditions for changing the trend have not yet formed. Market sentiment has changed, so in the current situation, it is again necessary to wait for new interesting conditions, staying aside from active trading with this token.
In XRP, the potential weakness that has accumulated in the coin since the beginning of the last wave of BTC growth turned into sales below the significant support at $0.37 per coin. It is clear that in such a situation it is better to step aside, all the more so as there is no internal idea in the coin for a long time. Support at $0.32 was reached relatively quickly. The next level of support is around $0.29, but the price going there or not will depend entirely on the dynamics of the entire market.
In EOS, the impulse after the breakdown of consolidation turned out to be really strong, but not in the direction we wanted. We have to admit that a signal to short in this situation would be ideal. However, opening short positions is not available to all participants. In view of the fact that short operations are a significantly more risky strategy for their use in trading, considerable practical experience is needed. So far, in this situation, further reduction to the support area of $4.40 is technically observed, therefore, it may be correct to abandon active operations with this coin for some time and stand aside until the situation changes.
The situation in LTC is not significantly different from the situation in other altcoins since the decline is of a general market nature and almost all of the most liquid instruments are subject to negative sentiment. The breakdown of the green line contributed to a further decrease in quotations to the psychological level of $100 and in this situation, the strategy of preserving capital and waiting fully justifies itself.
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Author: Marko Vidrih
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