Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
Since Wednesday, the cryptocurrency market went sideways against a neutral news background. The indicator of total market capitalization decreased by 0.5%, and at the current moment, its value is $217 billion.
In BTC, a side trend remains. Over the past two days, the price has moved in the range of $300 with a slight downward trend. As before, there are no clear signs of a change in the upward trend, but the likelihood of a further decline still remains. In the current situation, a variety of scenarios are possible, so the most appropriate approach will continue to be a wait-and-see attitude until the formation of a more understandable technical picture. Updating the highs of October 1 at $8450 will probably give rise to a new medium-term growth phase.
ETH chart approached the blue trend line, which, given the current volatility, makes it possible to form a position with little risk within the framework of the trend approach. However, in the coming hours, it makes sense to withstand a pause to make sure that the price still remains above the trend line itself. Recently, the coin has shown relatively more confident dynamics, with a favorable external background, it can be considered as one of the main positions in the portfolio amid a shortage of trading ideas in other instruments.
From a technical point of view, a breakdown of resistance at $0.26 may be followed by some short-term impulse. However, a coin will be able to show a more or less confident growth only in the case of a general positive. An analysis of long-term dynamics suggests that the pressure on the price that the coin has been experiencing for almost a year by a large seller will deter speculators from trading in it in large volumes.
At EOS, the Bears tried to push the price below the level of $2.85, however, at the moment it still remains above the green line of support, so the idea of trading within the framework of a nascent uptrend still remains. In case of updating the maximum of September 30, there will be an opportunity to increase the share of coins in the portfolio.
In LTC, almost nothing has changed since Wednesday. Already over a ten-day period, a sideways has been observed. The price movement occurs in the range of $5, so the trading idea that may arise in case of breakdown of the upper limit remains. Technically, the correct consolidation is being formed, therefore, in case of a chart approaching the red line, it is necessary to carefully monitor the dynamics of trading indicators, including the change in trading volume.
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Author: Marko Vidrih
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