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

August 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Since Monday, the indicator of total market capitalization decreased by 1.8% and is in the region of $266 billion. Amid falling incoming news flow, trading volumes and volatility are also falling.

Image credit: CoinMarketCap

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Bitcoin

After the breakdown of the upper boundary of the ascending triangle, BTC chart reached the value of $10,800. However, by now it has already returned, dropping not only below the level of the first test purchase but also below the short-term trend line. In such circumstances, the position should be closed without the slightest regret. The trend formed on the chart has broken. It is very difficult to make a forecast with a high degree of accuracy relative to the immediate prospects of the coin. From a technical point of view, it is equally probable that a movement to the minimum area of ​​the 15th day will occur, as well as a slight correction of the trend line with a continued upward trend. The practical side of trading implies the need to wait for the moment when a point is formed on the chart to open a position with an acceptable ratio of profit to risk.

Ethereum

This time in ETH the situation is more interesting since the chart only came close to the trend line. The upward trend continues and it may turn out that this is a chance to buy a coin with minimal risk for the first part of the limit. Growth is still limited by the level of $204, which the price did not manage to pass the first time. But with a stop value of $3–4, the ratio of potential profit to risk has the potential to open a small long when the price is near the green line.

Ripple

In XRP, the situation is similar to the situation in BTC — a breakdown of the upper boundary of the triangle gave this time a good impulse for a market outsider. As a result, the price quickly reached the resistance at around $0.292. After that, during the weekend, chart decreased and eventually broke the uptrend line. It is unambiguous to say which course of events at this point is most likely difficult right now. From a practical point of view, it is still more profitable to take a neutral position and wait for the most convenient moment for trading. For almost a year, this coin has been behaving in such a way that the short-term impulse in it does not mean anything. But it is quite possible that in case of growth of the whole market, we will see positive changes here too since there are signs of a probable change in the situation. To do this, wait for the breakdown of resistance ($0.295).

EOS

EOS chart remains sideways, there are no changes so far. Trading within the trading range may not be effective in every case. In order to maintain capital, you can remain in a neutral position and wait for more interesting opportunities. A signal for the first purchase may be a breakdown of the highs from the 19th.

LTC

In LTC, the technical picture does not change. The chart remains sideways. The attempt of the “bulls” to move the price above the level of $78 was unsuccessful. Now the price is again moving to the support area ($72). Whether to trade from purchases within such a narrow range is a matter of an individual approach to trading and risk sensitivity. It is worth considering that a more global trend has not yet unfolded and is directed rather down than up. For an impulse approach, a signal to start shopping will be a breakdown at the price of a red line.

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Author: Marko Vidrih

Charts via Investing.com powered by TradingView and ICONOMI