Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
September 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
From Wednesday, cryptocurrencies from the TOP-10 by capitalization showed multidirectional dynamics. As before, market sentiment is based on the behavior of BTC. The main market indicator added only 0.4% and is currently in the region of $270 billion.
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Bitcoin
The correction turned out to be short. At the moment, BTC chart trying to break through the resistance at the level of $10.750- $10.800. If the “bulls” manage to gain a foothold above this mark, the likelihood of a further impulse increases significantly. This opens up the possibility of starting the formation of a new long position. In this case, it is very important to wait for a confident breakdown, since volatility has increased in recent days, so the probability of a false breakdown has increased.
Ethereum
In ETH, after the protective order for the breakdown of the red line was triggered, the chart reached the trend line and then reversed. From a technical point of view, an uptrend is developing. Therefore, there is a good opportunity to participate in the upcoming growth, which may take place against the backdrop of the emergence of a common market positive. Stop loss below the blue line, the position increases gradually as the trend develops.
Ripple
XRP once again returned to the level of $0.255. The protective order was triggered to close the position when the blue line is broken. Analysis of the current dynamics allows us to conclude that the complete uncertainty in this coin remains. Participants do not want to buy XRP without fundamental changes, as the coin has been weak since the beginning of this year. From a technical point of view, to start trading this instrument, you need a confident trend, but so far this has not happened.
EOS
In EOS, the price again reached the trend line. It would be possible to buy a little with a short stop loss, but it should be borne in mind that the growth potential is limited by resistance at $3.45. Nevertheless, it is important for “bulls” to gain a foothold above this level before we can talk about a confident change in the trend. Investors in EOS fully act with an eye on the dynamics of BTC. At this stage in the development of the cryptocurrency market, the trend may persist for a long time. EOS is a direct competitor to ETH and in the long-run has additional chances to gain an advantage if the latter continues to lose ground. Moreover, the creator of the Ethereum network said that the blockchain is almost completely filled and expressed its concerns about the scalability of the project.
LTC
The protective order was triggered, after which the chart dropped to $64 for 1 LTC. Now it all depends on the mood in the market as a whole. From a technical point of view, if at this stage an uptrend will form in the coming days, a new opportunity for trading from long will appear. In the meantime, at this point in the market, it is advisable for some time just to observe the dynamics without taking any active actions.
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Author: Marko Vidrih
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