Altcoin Analysis: BTC, ETH, XRP, EOS, LTC — Cryptocurrency Review
Emotions are gradually calming down on the cryptocurrency market, the activity of participants has noticeably decreased. The market capitalization is $184 billion, which is 5% higher than Friday, but in most cryptocurrency pairs prices are locked inside trading ranges, although they are close to their upper boundaries.
When calculating the size of the position being opened, it should be borne in mind that despite the fact that the volatility indicators have fallen, they are still at values significantly higher than those before growth on April 2, which reflects some uncertainty and nervousness in the actions of traders.
Charts of BTC for several days at relatively low volumes smoothly approached the level of the previous maximum of April 3, where they stopped. Volatility has decreased and now from a technical point of view, it is important whether the price will be able to consolidate above the resistance level and whether bulls are ready to buy at prices higher than the current ones. We believe that it will be difficult to do it the first time, however, in the case of a breakdown, we see the possibility of forming a new long position with an acceptable profit/risk ratio.
ETH was able to break through the highs, but at the breakdown point the charts strongly deviated from the uptrend line, and therefore the opening of the position would be associated with an increased risk. In our opinion, it makes sense to wait for the price to return to the blue line, and local overbought in the instrument will go away, after which, depending on market conditions, a good entry point may appear.
XRP has already tried to break through resistance at $0.37 three times in recent days. Now, when volatility has decreased, possible points for opening a new position have become more clearly visible on the chart. This can be done either in case of breakdown of resistance, or when approaching the blue trend line. In both cases, the stop will be short and the risks are low. The emerging triangle increases the chances that after some time we will see another wave of the upward movement.
At EOS, nothing interesting happens so far, the price moves in a wide range and trading from purchases within this range will only be possible if the quotes approach the lower limit. We are watching how the events will develop in the market as a whole, and if there is a confident breakdown of the upper boundary, we will also consider this coin for inclusion in the speculative portfolio.
LTC looks more technical. A local trend has formed and the probability of a breakdown of the upper boundary of the triangle increases. Now charts are in the area of the trend line, and we are making a small test purchase. The stop is short, below the green line, and if the quotes are fixed above the resistance, a window will appear to increase the proportion of the coin in the portfolio with the transfer of the protective order.
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Author: Marko Vidrih
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