Altcoin Analysis: BTC, ETH, XRP, BCH, LTC Cryptocurrency Review

October 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Over the weekend, the cryptocurrency market added 4.2% amid a neutral news flow. The total market capitalization is $223 billion.

Image credit: CoinMarketCap

Bitcoin

BTC chart was able to stay above the blue line last week, and at the same time grew over the weekend by about 4%. As already discussed in the previous review, such a dynamic was expected, which so far allows you to keep a small fraction of the coin in the portfolio. The fact of updating the short-term maximum confirms the formation of a technical figure that is convenient for the bulls and the presence of the short-term advantage of buyers. In the current situation, against the backdrop of uncertainty over a longer time interval, all that remains to be done is to be in a small long position, monitor the dynamics of trading indicators and the activity of participants, controlling the size of the position depending on the circumstances. Stop-loss at $8150 with the prospect of an increase in position size in case of price movement above $8300.

Ethereum

ETH chart behaves more restrained in comparison with BTC. At the moment, the price has come close to the upper border of the bearish channel. In such a situation, a neutral position is still the most preferable. Only in case of breakdown of the upper boundary of the downward channel can we talk about the first signs of a possible reversal. In the meantime, from a technical point of view, the probability of a further decline remains above average. The dynamics will depend on the dynamics of the BTC. At this stage, it can be noted that BTC, in comparison with ETH, looks more interesting for short-term speculation.

Ripple

XRP consolidating at the highs reached last week. According to the technique, it is possible to note the formation of a triangle shape, and, therefore, a breakdown of one or another of its borders will tell the most likely direction of price movement in the near future. So far, there is no reason to change the approach. As before, a long position with a stop loss below the blue line with the prospect of an increase in position size in case of breakdown of the upper boundary of the triangle.

Bitcoin Cash

Over the weekend, the price of the coin not only managed to form a consolidation, but also to go beyond its upper boundary, while showing an impulse of 4%. Technically, this was an opportunity for a small purchase. It is worth remembering that now all movements occur within the medium-term sideways, so the purpose of the movement is limited to the maximum of October 9th. If the momentum continues, you can buy a little or add to the position with a short stop loss below $222.

Litecoin

There is no possibility in LTC to unambiguously interpret the current behavior of a coin. After the chart returned above the green line, a volatile sideways pattern is observed. Market noise does not allow a sufficiently accurate forecast to be made in favor of a particular development of the situation. Apparently, it is most correct to maintain a neutral position and wait for the moment of greater certainty.

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Author: Marko Vidrih

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