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

July 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The decline in the cryptocurrency market continues. A number of liquid instruments recorded multi-month lows. Since Monday the capitalization index has decreased by 6.9% and is currently at the level of $258 billion.

Image: CoinMarketCap

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Bitcoin

The price of BTC fell below the support of $9,750, but a strong impulse has not yet been observed, therefore the chance of chart returning to the trading range remains. At the same time, speculators, when forming their portfolios, it is important to take into account that since the movement in recent days occurs inside the downward channel, even in the case of a price rebound, trading from purchases in the current situation will be associated with a high level of risk. The neutral position on this instrument is fully justified. There are no ideas, except for, to remain out of the market for this coin, at the current moment, in conditions of growing activity on the part of bears.

Ethereum

At ETH, the price at the moment fell below the psychological mark of $200 for one coin, however, there was no acceleration, and now the chart is just around this price. As in the BTC, there is a downward channel, so the technical picture hints at the high probability of a further decline. Now there are no new ideas here either, they will become possible already after the price is determined with support, and key pivot points are formed on the chart. Since the strategy of preserving capital fully justifies itself, it probably makes sense to adhere to it until the moment of greater certainty.

Ripple

XRP chart is near support at $0.29 per coin. Volumes are average. The goal of the reduction has been achieved, but there is still no reason to say that if the overall negative market sentiment persists, the chart will not go lower, for example, to the levels of September last year ($0.25). The decline may continue as part of the downstream channel, so the technical picture at this point in time still does not have to perform active operations in this instrument, however, if the support holds and key pivot points are formed, perhaps, against the background of improving the general mood of the idea for the trade from the long after a while they will start to appear.

EOS

At EOS, the lows are regularly updated during the decline. The last time such a coin price was in March of the current year. Any attempts to trade on a rebound in the framework of a downward trend are associated with a high level of risk, so in this case, for those who do not practice short trade, it definitely makes sense to stay away from active actions.

Litecoin

In LTC against the background of general negative sentiment continues to decline. Chart broke through $83 and now the bears will probably attempt to test support at $73 per LTC. In the current situation without ideas, since the conditions for trading from purchases are simply absent. Any ideas may begin to appear after the end of the market phase of decline.

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Author: Marko Vidrih

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