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

September 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The negative trend in the cryptocurrency market continues, although the rate of decline has noticeably decreased. Since Wednesday, the indicator of total market capitalization fell 4.9% to $212 billion.

Image credit: CoinMarketCap

Bitcoin

The decline in BTC on the market continues. Over the past two days, a minimum update has been observed twice, as a result of which the price is now already below the $8,000 mark. From a technical point of view, BTC entered the short-term bearish channel, so the likelihood of a further decline in the near future is higher than the probability of a rebound. The wait-and-see attitude once again fully justifies itself. Since it will be very difficult to determine the reduction goals with a high degree of accuracy at this point, you need to be patient and wait for the volatility to decrease, as well as the price to reach the level from which the reversal pattern will begin to form.

Ethereum

ETH also continues to decline. The price dropped to the values ​​of 4 months ago, but against the background of most other altcoins, this may even look like an achievement. A reversal pattern has not yet been achieved, the lows are regularly updated. Maintaining a neutral position up to the moment of formation on the chart of something more intelligible and conducive to a possible reversal in the current situation is most preferable. ETH is also in the bearish channel, so it is most likely that the downward trend may continue for some time.

Ripple

As for XRP, here the chart after strong sales show some stability. In this coin, the decline since the beginning of the year compared to other coins is so strong that taking short-term recovery attempts seriously can be too risky. In the event of a market recovery, more promising ideas are likely to appear. Therefore, XRP can be perceived only as an auxiliary to reduce diversified risk in the portfolio up to more significant fundamental changes. For these reasons, a neutral position here remains the most convenient for speculators in this phase of the market cycle.

EOS

In EOS, volatility tends to decrease, but the chart continues to fall, updating local lows of the current trend. There are no ideas here since there is no understanding from what level the formation of a key turning point will begin. Within the current wave, a movement to the $2.50 area is possible. But in view of the fact that the last time the price was in the region of current levels in February of this year and the dynamics of the coin strongly depends on the general mood in the market, the accuracy of this forecast may be in question. Minimal trading activity at this stage will save capital for future opportunities.

Litecoin

LTC is subject to general market sentiment. The chart continued to decline, while from the point of view of technical analysis, the formation of divergences on the price and relative strength index graphs indicates the weakness of the “bears”. Until the formation of a reversal pattern, any active operations are likely to be associated with a high level of risk, which gives reason to maintain a neutral position for some time to come.

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Author: Marko Vidrih

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