Altcoin Analysis: BTC, ETH, XRP, BCH, LTC Cryptocurrency Review
October 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Over the weekend we saw small changes in the cryptocurrency market relative indicators. The main indicator of the market is at a value of $226 billion, which is 0.4% higher than Friday. But in the context of individual coins, interesting events occur. First of all, it is noteworthy that some altcoins for the first time in a long time show more confident dynamics compared to Bitcoin.
Bitcoin
The price of BTC remained in a narrow sideways throughout the weekend. According to the technical point of view, nothing interesting is happening in the coin right now. At the same time, starting on Friday, a large seller poured a decent volume into the market twice, as a result of which, both times the price was sharply adjusted. In the current situation, there is no reason to increase trading activity in the instrument, since the probability of movement in either direction is about 50/50. From a practical point of view, it is necessary to wait for the moment when the probabilities move, and the ratio of profit to risk will become more attractive for opening short-term speculative positions.
Ethereum
ETH also went sideways, but the technical picture is more likely to trade from purchases. The medium-term trend is up. Now the chart is in a narrow trading range, so going beyond the upper limit of the price will give a signal to open a long position in the first part of the limit. In the case of favorable development of the situation, the purpose of the movement may be approximatly + 10% of the current one, which with a short stop loss will give an acceptable ratio of potential profit and risk. In the case of a change in the nature of the movement, for example, when an impulse occurs, the target may be noticeably higher.
Ripple
The long-awaited positive changes are finally coming to XRP. According to the results of the past weekend, the coin looks clearly better than most other liquid cryptocurrency market instruments. As already noted in previous reviews, in the last two weeks in the coin there is a clear presence of an upward trend. Practical experience suggests that flexibility in decision making is an important quality in speculating in financial markets. You can not believe for a long time that the coin will be higher, but a disciplined trader always reacts to changes that force it to place a bet. If it was not possible to open a position for correction, since the chart did not reach the blue line, then there is the opportunity to do it now, to break the maximum from the 9th. Stop loss below the red line with the potential to increase the share in the portfolio in case of an impulse.
Bitcoin Cash
BCH chart consolidating at the lower boundary of the ascending channel, so a reasonable share in the portfolio can be continued to be held. Unlike XRP, no personality is observed. Most likely, the movements in the coin will occur along with the market and depending on the general market sentiment. Stop loss below the blue line, taking into account the current volatility.
Litecoin
LTC chart moves in sync with most other market instruments. Given the signs of emerging positive changes in the market as a whole, it is possible, within the framework of the emerging short-term trend, to make the first test purchase a small volume below the blue line, and to monitor the further development of events, making decisions in the framework of the trend trading strategy.
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
