Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The cryptocurrency market has updated a maximum since the beginning of this year, reaching a value of $276 billion. After that, the rollback began, and now the capitalization is up again on $272,4 billion.
Volatility falls, while the dynamics of volumes suggests that interest in a number of coins still remains. Therefore, the current decline looks natural and fits into the framework of correction.
BTC after growth at the end of last week is consolidating at the achieved levels. Now prices have gone beyond the lower limit of the trading range, which forced us to temporarily cover short-term positions. Immediate support is around $8,350, but there is a possibility that quotation will fall to the blue line, which is why a new entry point may be formed after correction or in case of a breakdown of $8,800.
At ETH, the bulls could not overcome the resistance that lies in the area of two-week highs; at the moment there is also a downward trend. The immediate goal is located in the area of the blue trend line. If at the level of the blue line buyers are activated and the volumes grow, you can try to open a small long position with a short stop, but it is worth remembering that the dynamics of the coin is largely subject to general market sentiment.
XRP quote has grown, but have not yet been able to reach the target level of $0.48, and together with the market, as part of the correction, they are rolling back to the levels of the beginning of the week. A protective order for profit taking is placed at the level of $0.418, in the case of a breakdown of which there is a high probability that the price will fall to the blue trend line.
At EOS, a beautiful technical picture emerged, on Monday, overcame the $6.9 level, which we noted as the key one for the new trading series from purchases, after which the momentum continued to $8.17. After a slight consolidation, there is a decrease in the correction, in connection with which the position is temporarily covered. As in the case of other instruments, the blue line may become the target of decline, but it is worthwhile to closely monitor the possible formation of new pivotal points on the chart or the continuation of the trend: the coin shows rapid growth rates compared to most other altcoins and there is a high probability that such dynamics will continue.
In LTC above $115, long tails began to appear on the chart, after which the quote along with the market went sideways. The blue trend line is very close, so you can place a stop in case of its breakdown. However, since the coin also showed leading dynamics over the last week, we believe that it would be more correct to maintain the opportunity to earn an additional profit, therefore, we hold the position with a stop below the red line.
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Author: Marko Vidrih
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