Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
From Friday the crypto market is on the side. The capitalization index decreased by 2.4% to $246 billion.
In a number of coins, there were attempts to get out of range, however, as a result, they were unsuccessful, therefore it can be said that the situation has not changed significantly. The news background is rather neutral, but another reminder that India completely prohibits operations with cryptocurrencies and at the same time introduces criminal liability does not add optimism to the market.
BTC chart struck the upper limit of the trading range in the region of $7,900, but this time it came up against the upper limit of the downward channel, and then returned to the range. The protective order worked on the return, and at this point, it is premature to say that the coin decided on the direction of further movement. In the case of the breakdown of the blue line, it can be assumed that the trend has changed, however, it will still take some time for the final formation of the reversal pattern. Like last time, we believe that the breakdown of support ($7,500) will open the way to a decline of $7,000.
At ETH, the price broke through resistance and with it the downtrend line. However, the movement did not receive its continuation and chart returned. We were consistent, so a short stop-loss worked. After a false breakdown, it is always important to take a pause so that you can assess the situation in a calm atmosphere. Now the price is below the support level and has reached the price of $230. In the current situation, a further decline seems to be the most likely scenario, so we remain out of position. A key pivot point has not yet formed.
In XRP we also had an attempt to open a small long in the area of approaching quotation to the green line of the short-term trend, however, in this case, the movement along with the market went down, so short protective orders allowed us to get rid of minimal losses. Now there is a decrease in quotation to $0.37, where the medium-term support is held and it will be possible to predict the further trend based on the activity of the coin and the dynamics of trading indicators at this point.
EOS also formed a false breakdown, and a short stop-loss, in this case, helped us out. The coin is subject to general market sentiment, however, unlike, for example, from ETH, while the price is trying to rebound from support in the region of $6 per coin. We feel that is worth to wait. There are no signs that there is again a large buyer in the coin until it is observed, so we are watching the dynamics. Now the technical picture looks in such a way that in order to change the situation, the chart will need to show growth and gain a foothold above the level of $6.8.
LTC is the only one we consider in the review of coins that, one might say, “pulled out” the portfolio from the negative zone following the results of the false breakdown formed in a number of coins. In this case, diversification as a tool to reduce risk has once again shown its advantages. However, it was not possible to pass the resistance of the quote. While the position is covered and now for its restoration quotation need to pass the level of $120.
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Author: Marko Vidrih
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