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

August 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Since Monday, the cryptocurrency market has seen increased volatility. At the moment, the capitalization indicator reached $319 billion, however, by the current moment it had fallen to $303 billion. Thus, the capitalization indicator decreased by about 0.7% compared to Monday.

Image credit: CoinMarketCap

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Bitcoin

After the next update of the highs within the current trend and the price reached the level of $12,200 per BTC, a correction followed. The price again reached the level of the trend line, which should have prompted speculators to decide to restore or increase their positions. The technical picture has a long hold. Stop-loss order, in this case, it is logical to place below the blue line. The increase in volatility is alarming. However, if the chart in the near future holds above the trend line, then the probability of another growth wave remains.

Ethereum

At ETH, the bulls made an attempt to break through the upper line of the trading range at the level of $233, but they were not able to buy the offer set above this price either the first or the second time. So far, technically, the price continues to move in an uptrend. From the point of view of the ratio of profit, risk and potential of the upcoming movement, it is still more advisable to make purchases if the price manages to gain a foothold above resistance. Then it will be possible to count on momentum with acceleration. Now, the growth potential is small. Probably the right decision would be to wait some more time, remaining in a neutral position.

Ripple

In the XRP, the bulls were quick to push up prices following the general market trend and break through resistance at $0.325. However, it did not work out to stay there, the chart quickly returned to Monday price and even lower. Such dynamics only confirms that there is no internal strength in the coin now, and all movements are exclusively speculative in nature. It is quite possible that now only in case of price reduction to the area of ​​$0.305, where the nearest support takes place, will there be any interest on the part of the participants. From a technical point of view, nothing changes — the chart is locked in the trading range, and all market activity is concentrated on other market instruments.

EOS

EOS price once again could not gain a foothold above $4.40. Following market leaders, speculators here also made an attempt to give the price an acceleration, but in fact, there was a false breakdown. This is unpleasant, although slightly sawed off the trading account. It is worth noting that the breakdown was not supported by volumes, which should have alerted the most attentive speculators. But, as always happens in such cases — there is a strong struggle between the mind and emotions, and sometimes emotions overpower. Now you need to take a break and just watching the dynamics, wait for the formation of a more understandable and clear technical picture.

Litecoin

There was a halving in LTC. The event was expected and taken into account in prices, however, speculators at the moment easily pulled out quotations of 10 percent. It is possible that this happened against the backdrop of increased volatility and speculative movements in the market as a whole. Two factors at once simultaneously influenced the dynamics, which caused a sharp, almost instantaneous impulse. One way or another, further growth here did not work either, and by the current moment, the price is again in the region of the blue trend line. The approach of trading from purchases within the current trend is fully justified. Now again there is the opportunity to open a long position with a short stop-loss, per another cycle.

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Author: Marko Vidrih

Charts via Investing.com powered by TradingView and ICONOMI

Author: Marko Vidrih