The previous week witnessed a bearish wave that affected most altcoin markets. Ethereum ETH price dropped from around $397, during the beginning of the week, to $336 earlier today. Ripple XRP price declined by around 10% as it dropped from around 5,500 satoshis to 4,920 satoshis, at the time of writing of this article. DASH also lost around 10% of its market capital as its price declined from 0.819 BTC to 0.074 BTC during the past week. GameCredits GAME also dropped from around 51,000 satoshis to 45,000 satoshis, as this article is being written.
If you have been following our altcoin picks for last week, then you most probably managed to make some good profits trading Litecoin LTC and Lisk LSK.
So, what are the best altcoins to buy this week for profit?
Golem GNT
Golem price rose from 7,800 satoshis to record a high of 11,100 satoshis earlier today, before dropping down to 8,500 satoshis, at the time of writing of this update. We can plot a Fibonacci retracement that extends between the high recorded on the 19th of June (27,674 satoshis) and the low recorded on the 18th of August (5,402 satoshis) on the 4 hour GNTBTC chart from Poloniex, to identify key resistance and support levels. As we can note on the below chart, price advancement towards the North was resisted by the 23.6% Fib retracement, which corresponds to 10,658 satoshis, leading to reversal of the bullish wave. Most probably, GNT price will continue on dropping to around 7,854 satoshis as it represents a strong support level that prevented price drop during two incidents throughout the past 6 weeks, as shown by the horizontal blue line on the below chart. After hitting this level, GNT price will rise again to test the 23.6% Fib retracement, especially that the Williams Alligator and MACD indicators are exhibiting bullish signals.
I recommend setting a buy order for Golem at 8,000 satoshis and then setting a sell order for the bought coins at 10,658 satoshis.
Next NXT:
After recording a low of 1,981 satoshis, NXT price began rising until it reached 2,335 satoshis at the time of writing of this update. We can plot a Fib retracement on the 4 hour NXTBTC chart from Poloniex that extends between the high recorded on the 2nd of August (6,885 satoshis) and the low recorded on the 5th of Septempber (1,981 satoshis) to determine main resistance and support levels. NXT price will most probably continue on rising as there is no significant resistance except around the 23.6% Fib retracement which corresponds to 3,138 satoshis. Bullish signals via Williams Alligator and MACD indicator confirm continuation of the uptrend that started on the 4th of September.
I recommend buying NXT between 2,300 and 2,400 satoshis and setting a sell order for the bought coins at 3,138 satoshis.
STEEM:
After hitting a low of around 23,500 satoshis, STEEM price surged to 29,000 satoshis earlier today. We can plot a Fib retracement between the high recorded on the 22nd of July (64,186 satoshis) and the low recorded on the 19th of August (21,426 satoshis) on the 4 hour STEEMBTC chart from Poloniex. STEEM is about to test the resistance around the 23.6% Fib retracement, which corresponds to 31,517 satoshis, yet this level will mostly be broken especially that Williams Alligator, MACD indicator and the Stochastic RSI are exhibiting bullish signals.
I recommend buying STEEM between 29,000 and 29,500 satoshis and setting a setting a sell order for the bought coins at 31,500 satoshis or even at 37,760 satoshis.
Charts from Poloniex, hosted on Tradingview.com
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