The altcoins’ markets was on a roller coaster during the past week. Some coins witnessed enormous gains, while others suffered relatively big losses. Ethereum ETH continued on rising and scored a new high of $175.85 during Sunday’s latter trading sessions, before falling down to $134 at the time of writing of this update. Ripple recorded another historical high at 24,370 satoshis last Wednesday, before starting a bearish wave that took price down to 14,578 satoshis earlier today. Bytecoin BCN continued its amazing bullish run during last week’s trading sessions recording a high of 280 satoshis on Sunday, which sets Bytecoin as the biggest gainer all across various altcoin markets scoring an astonishing 7000% rise in less than one month.
If you have been following our altcoin picks for last week, then you have most probably managed to make some good profits via trading via Synero AMP and NEM XEM as they surged as per our expectations.
So, what are the best altcoins one could buy this week?
As we mentioned in the beginning of this article, XRP’s bullish trend has been reversed after the week’s high (24,370 satoshis) was recorded, starting a downwards price correction attempt. The 4 hour XRPBTX chart from Poloniex (look at the below chart) shows how the downwards price correction attempt is currently being halted by the 50% Fibonacci retracement which corresponds to the 14,035 satoshi price level.
The long downwards shadows of the candlesticks of the past few trading sessions (candlesticks inside the ellipse on the above chart) reflect the strong support around this price level, so XRP is expected to continue rising again in an attempt to test the resistance around 16,504 satoshis which correspond to the 38.2 Fibonacci retracement level.
So, I recommend buying XRP between 14,700 and 15,000 satoshis and then setting a sell order for your bought coins at 16,500-17,000 satoshis.
Bitshares surged to record a high of 5,194 satoshis on Poloniex last Sunday, before a downwards price correction wave pulled price down to 3,823 satoshis at the time of writing of this update. As shown by the below BTSBTC 4 hour chart from Poloniex, the downwards price correction wave was slowed down by the 38.2% Fibonacci retracement level corresponding to the 3,568 satoshis price level. This can also be denoted by the long downwards shadows of the candlesticks marked by the green ellipse on the below chart. Accordingly, it is highly likely to see BTS’s price rise again towards the 23.6% Fib retracement level.
I recommend buying BTS between 3,790 and 3,830 and setting sell orders at 4,190 satoshis and at 5,000 satoshis
Even though Stellar’s price rose to around 3,415 earlier this week, it has been falling since last Sunday and is currently around the 2,500 satoshi level. The below 4 hour STRBTC chart shows how price faced significant resistance around the 3,100 satoshis level.
I recommend buying STR somewhere between 2,505-2,600 satoshis and setting the sold coins in a sell order at 3,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com