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

April 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Over the past two days, the cryptocurrency market has been adjusted, dropping to values ​​of 2 weeks ago. The market capitalization rate fell by 7.1% to $178 billion.

Credit: CoinMareketCap

The news background is neutral, so the acceleration of the correction is most likely caused by technical factors — protective trades worked at key points for a number of traders, which contributed to a sharp decline in most liquid cryptocurrencies.

Bitcoin

BTC was unable to update the maximum of the 24th day and eventually went into the zone of the placed protective orders. There is a sharp increase in volumes on the background of the decline to the blue trend line, which also shifted slightly. In the current situation, the most appropriate solution may again be a decrease in trading activity until the technical picture becomes clearer and new key points are formed. In the case of another decline to the blue line, it may be worthwhile to use the opportunity to open a small long position.

Ethereum

ETH chart at the moment testing the support line at $154. Volatility has increased, long shadows form on the candles, which indicates uncertainty among the participants, but it is at such moments that key turning points are usually formed, so we are closely following the dynamics and waiting for the formation of a local trend, within which it will be possible to increase the share in portfolio with the prospect of mid-term position holding.

Ripple

A small position in the XRP is closed by a foot during the breakdown of the support line ($0.317). The chart reached another support a month ago at the level of $0.295 and so far they are consolidating around this price. While the current dynamics does not allow us to make the assumption that the bottom is formed since at the moment there is a weakness. However, in this asset, the dependence on general market sentiment is most noticeable, therefore, scenarios of future movement both up and down are possible. In this regard, we prefer to stand aside until the time of greater certainty.

EOS

EOS chart did not meet with any support at $4.9, but at the moment it identified a new local level of $4.57. At the current coin, the probability of a decline to $4.4 remains. However, for medium-term traders, the coin still looks promising, so in case of a change in the current trend in the market as a whole and the formation of a local trend in this instrument, there may be good conditions for new purchases.

Litecoin

LTC chart is below support and moves within a downtrend marked on the price chart with a blue line. In the current situation, there are no other ideas besides just waiting. In the event that chart can break the trend and return above the green line, it will be possible for traders to reconsider their attitude to the coin and only in this case look for points with an optimal ratio of profit for the formation of a share in the portfolio.

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Author: Marko Vidrih

Charts via Investing.com