Altcoin Analysis: BTC, ETH, XRP, EOS, LTC — Cryptocurrency Review
On the cryptocurrency market, the outset continues. The capitalization rate fell from Friday by 0.5% to $177 billion.
The previous significant price increase on the market took place against the background of neutral news flow and was caused, to a greater extent, by technical factors, so even in such conditions as the current, the situation may change in some moment. All the most interesting movements in the market take place exactly when the majority of participants begin to believe that the current continuing side trend is for a long time.
The technical picture in BTC has not changed significantly. Chart moves to the upper boundary of the trading range of $4800- $5400 as part of an uptrend, while from Friday the price is at the same values and is consolidating in the range of $100. Due to the absence of significant changes, our strategy also remains the same — trading from purchases in small volumes in the context of an uptrend and waiting for the formation of favorable conditions for trading the main limit. Such conditions may be formed in case of breakdown of the upper border of the trading range.
At ETH, the trend, the goal of which was to move to $184, was broken and the quotes adjusted. Now the price is in the middle of the trading range of $154- $184. A small position is covered until the formation of new opportunities.
In XRP, the emerging trend did not develop and the trend was broken already on Saturday. The support line at $0.317 once again became the “center of attraction” for the chart of this coin. In the area of this price, you can try to make small purchases in volume, with a short stop to check the strength of the market and with the prospect of increasing the position, if the chart still manages to break away from the level and form a local uptrend.
In EOS, movements are subject to the influence of general market dynamics, therefore there are no ideas here now. The blue trend line is broken, and it is possible that we will soon see the price at $4.9, which is the lower limit of the trading range. However, it is impossible to give an unambiguous forecast here, therefore, in the case of the emergence of a new local trend and the presence of points with an acceptable profit/risk ratio, you should not be afraid to open speculative positions, because the coin has shown advanced dynamics in relation to the whole market for a long time and there is no reason to believe that the situation has changed.
LTC chart is again at the bottom of the trading range, which allows speculators to open/increase positions with a small risk. The dynamics of the coin lately does not differ in individuality, so this is just one of the market instruments in which, against the background of the outset, a convenient entry point has been formed. Further movement at this stage is likely to depend on general market trends.
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Author: Marko Vidrih
Charts via Investing.com
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