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

May 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The cryptocurrency market on Friday updated its highs from the beginning of the year, reaching $188 billion, but later came back. Thus, the capitalization indicator is in the same place — at a value of $180 billion. The attempt to exit from consolidation once again failed.

Bitcoin

On BTC chart, the bulls increased activity, and on increased volumes, on Friday the pair, BTC/USD was able to break through the level of $5,600. This opened up the possibility for new purchases with an acceptable profit/risk ratio. However, above the price of $5800, purchases ceased, volumes fell and the price, after the third attempt to move above $5850, swept below the trend line, which was a signal to liquidate a long position. Such dynamics of the chart indicates the uncertainty of the participants regarding the further development of events. The market consensus at this point is more for consolidation than for continued growth. We will closely monitor the parameters of trading and only when the price comes up again — close to support at $5,600 or breaks through to $5,900 to form a new trading idea.

Ethereum

The movement in the ETH above the red line, as we expected, caused a continuation of the impulse. Chart moved after BTC, but the bulls didn’t have enough energy to move the price above $170. Now the position is covered, the price has returned to the area of ​​the red line, and so far, despite the entry point that is attractive from the point of view of technical analysis, we consider it important to take a pause and watch for some time the dynamics from the outside. Some weakness is noticeable in the coin, so, for now, we consider it right to refrain from being active in it.

Ripple

XRP chart also tried to catch up with the leader and at the moment punched an important level of $0.31, creating the illusion of the beginning of a powerful movement. However, returning back was as fast as the impulse itself, and the long position that began to form was eliminated at the moment the protective order triggered. The dynamics of XRP chart confirms everything we have said regarding the mood of participants in BTC and ETH, with the only exception that the situation is even more unfavorable for investors —XRP shows a lagging behind for a long time and clearly looks weaker than most other TOP-10 coins. We remain out of position in this coin and follow the further development of the situation.

EOS

EOS broke through $4.85 and reached $5.18 at the momentum, where, like in the case with other cryptocurrencies we are considering, there was a reversal that quickly returned the price below the red line. As we noted earlier, no individuality in the instrument has been noticed at this stage. The movements completely repeat the general market trends, and therefore the choice of this instrument for trading is a matter of personal preference.

Litecoin

At LTC, everything happened in accordance with the trading plan — the breakdown of the green line was included in the portfolio, and the position was closed on the reverse market movement. It all happened so quickly that the market participants seemed to be surprised at themselves and hurried to return the price back below $75 per LTC. There is some oversold at the moment, so we are not waiting for the acceleration of decline in the coming hours, but the technical picture today is different than it was on Friday. Therefore, we will observe the coin and wait for the formation of new entry key points.

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Author: Marko Vidrih

Charts via Investing.com, CoinMarketCap