Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review
July 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The cryptocurrency market on the background of neutral news remains in the outset. The activity of participants is low, a decrease in trading volumes is observed Capitalization from Wednesday increased by 7.5% to $269 billion.
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Bitcoin
BTC price stays from Wednesday almost unchanged. Cryptocurrency pair is in the outset. The immediate goal of the decline, from which, perhaps, some trading ideas may already appear, is still in the region of $9,200. The activity of the participants has noticeably decreased. At the current market point, the probability of movement by several percents, both up and down, is approximately 50/50. The neutral position still justifies itself in order not to “saw” with such hard-earned money, it makes sense to stay away from active actions and wait for the right market.
Ethereum
At ETH, the technical picture has hardly changed. While here is the classic side “saw” (saw — sideways trend with occasional sharp movements in that and the other direction). To identify the current state of the market is possible, as a pivot point, it is necessary that the quote update a maximum of 20th July in the region of $240. As long as the likelihood of a decrease in the $195 area remains high, it’s impractical to talk about trading from purchases at the current market point from the point of view of the ratio of profit and risk.
Ripple
In XRP, the movements are still strongly correlated with the dynamics of BTC and ETH in the current market phase. Without the emergence of new internal drivers, it is unlikely that the situation will change for the better. While the traders do not purchase the coin, despite its marked relative oversold in the past few months. From a technical point of view, the coin is in the so-called secondary correction state. In this state, the coins make any predictions are very difficult and, from the point of view of the practice of a trade, even in a sense, it is useless. A neutral position before the formation of better conditions will allow you to save capital for future opportunities.
EOS
EOS broke the green line, which opened up the opportunity to trade from long. No noticeable impulse has yet come out, but the fact that the coin looks stronger than its colleagues lately, we already noted in the last review. Probably, it is the fact that on the last wave of decline in the first half of the month, a large participant exited in EOS. As a result, quote sagged the most significant among all the instruments we considered. The pendulum has swung in the opposite direction, and now we see a recovery in prices. The bottom also goes with the trend line, therefore, the most preferred strategy is trading from purchases. The size of the position to be opened must take into account the fact that from a technical point of view, the stop can be placed both under the green and below the blue line.
LTC
In LTC, the sidebar and still nothing interesting happens. From below, support is near the minimum of the 17th ($78), on top, there is resistance at $113. In the current phase of the market, movement in one direction and in the other direction is equally probable. In this connection, we remain in a neutral position in this coin until new introductory ones arrive, which will somehow be able to shift the probability and thus provide us with some advantage in making trading operations.
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Author: Marko Vidrih
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