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

September 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Since Friday, the cryptocurrency market has not changed significantly. Trading is calm, volatility is not high. The capitalization ratio fell 1.8% to $265 billion.

Image credit: CoinMarketCap

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Bitcoin

Fears were confirmed that a false breakdown of the level of $10,800 is possible. Reaching $10,900 on Friday, the chart plummeted. The price stopped in the support area of ​​$10,300, where it is located to date, consolidating in a narrow side. From a technical point of view, there is now a good opportunity to buy a rebound from the level. BTC is still better than the alts, the dominance index has reached the 70% level. This is about the maximum since April 2017. BTC now may be less risky than other digital currencies. Stop loss below support. In case of breakdown of the level, it is possible to reduce in the area of ​​the blue trend line.

Ethereum

The growth of ETH, which was expected against the background of a possible upward movement of the entire market, did not take place. As mentioned in previous reviews more than once, the dynamics of the coin is highly dependent on the mood of the participants in BTC. As a result of ser and sales, the trend line was adjusted. But after that, the ETH chart strengthened, at the moment showing leading dynamics and updating the maximum of August 3. This confirms the presence of an uptrend in this asset. Probably, in this case, it makes sense to trade from purchases within the current trend when chart approaches the blue line. At the same time, in case of a change in the mood of participants in the market as a whole and another breakdown of resistance at $185, an impulse is possible. It will also provide an opportunity to trade from long, but already within the framework of the impulsive approach.

Ripple

XRP chart is in the most common sideways with a range of $0.248- $0.265. There is no distinct dynamics within the range; movements are subject to short-term speculative moods of players, which can change several times a day. In this situation, to start trading from purchases, it is important to wait for the breakdown of the upper limit of the trading range. It is still dangerous to use any other approaches when trading this coin. At the faithful that the sales that occurred in the tool since the beginning of this year, will not resume, yet.

EOS

EOS chart finally broke away from the general dynamics, showing faster growth. The breakdown of resistance of $3.45, which was noted as a key level, occurred at a good volume. After this, the price quickly reached resistance at $3.78. Now it makes sense to close short-term positions and observe the dynamics from the outside. Given the fact that in the long run the coin is greatly underestimated by the market, the outstripping dynamics in recent days may be the beginning of the long-awaited changes. In the event of a breakdown of $3.8, a window will open for new purchases as part of an impulse strategy.

LTC

LTC chart, having twice tested the level of $64, bounced to the highs of last week. Obviously, a trading range has now formed. A signal to start trading from purchases will come in case of breakdown of its upper border. In the opposite case, there is a high probability of another price drop to $64 per LTC.

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

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