The past week witnessed a bearish wave that affected many altcoins’ markets. Ethereum ETH dropped from around $355 in the beginning of the week, to $237 earlier today, while Monero’s XMR price declined from 0.0193 BTC to 0.01702 BTC at the time of writing of this article. On the other hand, even though Ripple’s XRP price surged to record a high of 12,300 satoshis last Tuesday, it dropped to stabilize around 10,000 satoshis a couple of days ago. Dogecoin DOGE dropped from 125 satoshis to 100 satoshis earlier today.
If you have been following our altcoin picks for last week, then you most probably managed to make some good profits trading Next NXT. If you bought Bitshares BTS back then, I recommend holding on to your coins for another week.
So, what are the best coins one can buy for profit this week?
Ethereum ETH:
Ethereum’s market witnessed a bearish wave last week, as it dropped from around 0.138 BTC last Tuesday to around 0.1031 BTC at the time of writing of this update. By examining the ETHBTC 4 hour chart from Poloniex (look at the below chart), while executing the Bollinger bands’ indicator, we can plot a Fibonacci retracement that extends between the low recorded on the 9th of May (0.03872711 BTC) and the high recorded on the 13th of June (0.15329264 BTC), to identify key resistance and support points.
As we can note on the chart, the downtrend was reversed when price approached the 0.09600987 BTC price level which coincides with the 50% Fib retracement. Thus, this level seems to be supporting price quite well preventing further drop. Moreover, a “bullish engulfing” pattern was formed on the 4 hour chart yesterday (the 2 candlesticks highlighted by an ellipse on the above chart), signaling reversal of the downtrend, especially that candlesticks are now moving almost tangentially to the lower Bollinger band, so we expect to see Ethereum’s price rise towards the middle Bollinger band, where the market would be more stable.
I recommend buying Ethereum at a price between 0.1040 BTC and 01060 BTC and then setting a sell order for the bought coins at 0.126 BTC.
Ripple XRP:
After recording a high of around 12,300 satoshis last Tuesday, Ripple’s price dropped down to stabilize around 10,000 satoshis. To determine key resistance and support points, we can plot a Fibonacci retracement that extends between the low recorded on the 2nd of May (3,571 satoshis) and the low recorded on the 16th of May (24,456 satoshis) on the XRPBTC 4 hour chart from Poloniex (look at the below chart).
As we can note on the chart, the 76.4% Fibonacci retracement, which corresponds to 8,500 satoshis, represents a strong support level that prevented further price drop.
I recommend buying Ripple XRP somewhere between 10,200 satoshis and 10,500 satoshis and then setting a sell order for the bought coins at 11,549 satoshis or even higher at 12,500 satoshis.
Dogecoin DOGE:
Dogecoin’s DOGE market witnessed a bearish wave during the past week, as it dropped from 125 satoshis to 100 satoshis earlier today. By examining the 4 hour DOGEBTC chart from Poloniex (look at the below chart), we can plot a Fibonacci retracement that extends between the low recorded on the 17th of May (41 satoshis) and the high recorded on the 22nd of May (189 satoshis). The 61.8% Fib retracement level (97 satoshis) represents a strong support level that prevented further drop in Dogecoin price, as shown by the long downwards shadows of the candlesticks near this level on the below chart.
I recommend buying DOGE somewhere between 95 and 100 satoshis and then setting a sell order for the bought coins at 115 satoshis or even higher at 132 satoshis.
Charts from Poloniex, hosted on Tradingview.com
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