Altcoin Analysis: BTC, ETH, XRP, BCH, EOS Cryptocurrency Review
October 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The cryptocurrency market over the past two days has grown by another 2.2%, as a result of which the main indicator is in the region of $227 billion. In recent hours, there has been a decrease in the market of most liquid cryptocurrency pairs, coupled with increased volumes.
Bitcoin
BTC updated the maximum of the beginning of the month and after some consolidation moved higher. This behavior of the coin could be interpreted as the beginning of positive changes and the emergence of good buying opportunities. But in recent hours there has been a sharp change in dynamics — the price is falling on increased volumes. This behavior of the cryptocurrency is somewhat unexpected, but it is better not to argue with the market. The idea of a purchase is subject to cancellation, and it will be right to temporarily cover all speculative long positions until the situation is clarified.
Ethereum
In ETH, the situation is somewhat different, since, for a longer time period, the coin moves in an amplitude trend of a saw-shaped shape. Statistically, now the advantage is on the side of those who trade from purchases. Despite this, making money on such a movement while maintaining risk at an acceptable level would not be easy. While there is no market for impulsive strategies, and trading in a trend always implies a longer position in the position, which may not be very comfortable on saw-tooth movements. As in BTC, sales are now observed from the highs reached, so you can temporarily close your positions and observe the development of the situation for some time.
Ripple
XRP follows the general market trend, while on Wednesday there was an attempt to update the maximum, after which chart slipped to the level of the issued protective order ($0.27). So far, investors’ distrust of the coin is still there. It is worth noting that since the end of September, the price of XRP has been in an uptrend, therefore, it is worth paying close attention to the activity of participants and the dynamics of trading indicators in the near future. In case of a reduction of quotations to the blue trend line, it will be possible to open a long position, but much will depend on the mood in the market as a whole at that point in time.
Bitcoin Cash
The technical price movement in the BCH in the upward channel in the last two weeks is noteworthy. In this case, the short-term trading strategy is the most understandable — buying when chart approaches the lower border of the channel, at a point where the ratio of potential profit to risk is at least 3 to 1, a short stop loss and profit-taking as chart moves to the upper border of the channel. A longer holding position in a given market situation with a high probability can correct a positive result downward.
EOS
In EOS, the chart again fell below the red line, thereby making it clear that in the near future there will definitely be no impulse. Trading is best done as part of an uptrend in a trending strategy. Based on the dynamics of the last two weeks, we can conclude that if the chart approaches the blue line, there will be a moment to open a long position.
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Author: Marko Vidrih
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