Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
The main indicator of the cryptocurrency market has once again updated its maximum since the beginning of the current year. To date, the capitalization rate is at $285 billion, showing an increase of 8% since Friday.
Basically, the increase in the indicator is due to BTC. In the rest of the coins, the upward movement occurs rather as a movement by inertia behind the leader, however, as we know, the revaluation can occur here at any time.
The price for BTC has broken through the level of $9000 and, by inertia, without meeting any resistance, reached the level of $9300. Now, when prices have reached annual highs, from a practical point of view, it is more correct to have patience and hold the position as long as possible. Stop loss can be placed at $8,800, which gives a chance to participate in the next wave of growth, and in the case of a reversal will allow you to save most of the profits.
ETH quote is pulled up behind the leader, however, in this case, the dynamics are not of a pronounced nature and the movement occurs in a sawtooth uptrend. So, the purchase from the support line, of course, brought its positive results, but there is no certainty in the continuation of the upward movement in the near future. Resistance at $276. Stop loss placed below the trend line.
In XRP, the technical picture has changed. First of all, it is worth noting the fact that the quote is leaving the down support line. The probability of moving to the $0.475 mark has now increased markedly, but from a technical point of view, it will be difficult to choose the entry point in this phase of the market. Small positions can be opened within the current short-term trend with a stop below the previous local minimum in this trend. At the same time, there are more technical tools on the market for active trade in large volumes. Level $0.47–0.48 is key to changing the situation over a longer time interval.
EOS broke through the upper resistance of the trading range, but so far there has not been a strong impulse. In the current situation, it may be worth staying in a position with a stop loss below the red line in case quote return to the range. If the scenario is implemented, in which a maximum of $7.16 will be updated, this will serve as a signal to increase the share of the coin in the portfolio.
LTC chart at the moment punched the trend line, then bounced back. As a result, the trend line is slightly adjusted and, presumably, in this situation, there will be some pause for speculators, so that you can look at what is happening and draw conclusions without emotion from the outside. What is happening in the coin now is not at all like the presence of a pronounced tendency. Buyers who moved prices up in the first half of June changed their trading behavior, so an outside view should help to take a more sober look at the current situation.
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Author: Marko Vidrih
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