Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
After a two-week sidetrack, there was some recovery in the cryptocurrency market. Against the backdrop of a neutral news background, charts are falling. Most liquid instruments since Wednesday have lost in price from 5 to 10%. At the same time, the indicator of total market capitalization decreased by 6.4%. To date, market cap it is in the region of $246 billion.
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BTC chart broke through two-week lows on decent volumes. Since the bearish movement started a few hours earlier and was sharp and short in time, volatility indicators did not grow so much. You can not talk about the irrational behavior of the participants with an excess of emotions. The current behavior of the coin suggests a high probability of updating local lows in the near future, at least one more time. Immediate support takes place in the region of the minimum values of the end of July ($9150). In a situation of uncertainty, a neutral position fully justifies itself. As the chart approach the $9150 mark, it will be possible to draw some conclusions regarding the development scenarios of further events.
There were also “hot sales” at ETH, as a result of which prices reached value of the mid-May this year. In the current situation, there is a high proportion of uncertainty. The nearest significant level of support is in the region of $155, which implies the potential to reduce another 7–8% of current prices. For those who are aware of the risks of opening “short” positions and make transactions exclusively from purchases, a neutral position remains relevant now. It is necessary to wait for the formation of a key turning point before entering a decent volume of the market. For speculators with stronger nerves, small “short” positions with a low level of risk and constant monitoring of trades can give a positive result. The question of whether this approach is worth it is more likely to be about the individual personality trader.
XRP fell below the support level, but after that, it returned again above the green line. It is possible that over the coming weekend it will become clear whether the time has come to trade from purchases. We carefully observe the dynamics of the coin. In the case of the formation of a reversal pattern or a local trend within the range of $0.255- $0.29, we can think about opening a position in the first part of the limit.
The expected breakdown of the upper boundary never happened. Against the backdrop of negative market dynamics, EOS chart fell, breaking through support at $3.78. Unlike other coins, there was even a small local panic sell — at the moment the price reached $3.1, which is the minimum since February of this year. Under current conditions, we must wait for the end of the decline and the formation of a key turning point, while being in a neutral position.
Support at $70 was also broken, after which prices only declined. Now we need to wait for the level at which the price will find new support. Perhaps after this, a reversal point will begin to form.
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Author: Marko Vidrih
Charts via Investing.com powered by TradingView and ICONOMI
Author: Marko Vidrih