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Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review

July 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Over the weekend, the situation in the cryptocurrency market has not changed significantly. The index of the total market capitalization fell to a value of $265 billion. It lost about 1.5% from the level recorded last Friday morning. The moods are neutral or slightly negative, the activity of the participants is low, the side event continues.

Image credit: CoinMarketCap

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Bitcoin

At BTC, the technical picture has hardly changed over the weekend — the price is still moving to the area of ​​two-week lows ($9,200). At the same time, the amplitude of local cycles increased along with the increased volumes, which may be an indirect sign of the growth of interest in the instrument at this level. Draw conclusions early. Under current conditions, a neutral position probably still has an advantage, as it allows to preserve both capital and health in the “saw-like” market movement. Earn in the last two weeks, probably, it would be possible if you know how to predict the future. Otherwise, it is unlikely that the time spent by the speculator could be adequately compensated by the profit from trading.

Ethereum

ETH chart is also stuck on the sidelines. Over the past three trading days, the picture is almost unchanged. The upper limit around $234 serves as a level, the breakdown of which will open a window for trading from purchases as part of a pulsing strategy. A decline to a two-week minimum in the region of $195 may be the beginning of the formation of a double bottom figure on a higher time frame. It will also provide an opportunity to open long positions with an acceptable profit/risk ratio.

Ripple

XRP unexpectedly found local support in the region of $0.30. Such a price is more psychological than technical value, but the factor of the level influence on the decisions of the participants is obvious. The statistical significance of support is declining due to the fact that trade has recently been conducted on small volumes. However, for making trial purchases, to check the strength or weakness of a given cryptocurrency pair, the level can be used. In a longer period of time, there are still no ideas in the coin. In the market, the usual “saw”. The current phase of the movement involves finding the quote in the “sleep” mode, in which the participants are minimally active and completely unprincipled. Probably, a neutral position for some time will still look the most correct from the point of view of the final economic sense in any trade.

EOS

In the EOS after the breakdown of the level of $4.40, the opposite movement occurred and prices returned to the values ​​of the middle of last week. For the time being, speculative positions should be temporarily covered, since the impulse has not received its continuation. This means that buyers act with an eye on general market sentiment, which lately has a rather negative tone. The attempt of the coin to break away from the general movement is fixed, and this information should be kept in mind, it is quite possible that on the next upward wave, it will still be useful to us. Maybe the blue trend line will be adjusted soon. Then on returning price above $4.40, you can once again try to enter a position in a small volume.

LTC

LTC is again unchanged. The chart is in the middle of the outset $78- $113, so moving in any direction will be quite difficult to use. Considering that when opening a position, the ratio of profit and risk should be at least 1:2, and preferably 1:3, in order for the statistical advantage to being on our side. For this reason, a neutral position and here is most preferable until the formation of a more understandable technical picture.

DISCLAIMER: All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Author: Marko Vidrih

Charts via Investing.com powered by TradingView and ICONOMI

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Marko Vidrih

Marko Vidrih

Most writers waste tremendous words to say nothing. I’m not one of them.

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