The past week witnessed a massive decline in bitcoin’s price, which was accompanied also by a bearish wave that affected many altcoin markets. However, several altcoins surged last week to unprecedented levels. Ethereum’s price skyrocketed to record a new historical high of $407, before dropping down to $350 as this update is being written. Golem’s GNT price surged to 23,142 satoshis, before dropping slightly to 22,276 earlier today. Ethereum Classic’s ETC price increased to record 785,000 satoshis on Poloniex last Monday, before stabilizing around the 702,000 satoshi level, at the time of writing of this article.
If you have been following our Altcoins’ picks for last week, then you most probably managed to make some good profits trading Golem GNT and DigiByte DGB
So, what are the most promising coins for this week?
Bitshares surged last week to record a high of 17,675 satoshis, before the upwards trend was reversed taking price down to 9,500 satoshis. By examining the 4 hour BTSBTC chart from Poloniex and executing the Bollinger bands’ indicator, we can notice the following:
- We can plot a Fibonacci retracement that extends between the low recorded on the 27th of May (1,962 satoshis) and the high recorded on the 10th of June (17,675 staoshis). As shown on the below chart, the 38.2% Fibonacci retracement , corresponding to the 11,661 satoshi price level, supported price quite well preventing further drop, so we expect to see Bitshares price rise after testing this important support level.
- Candlesticks are now moving below the lower Bollinger band, which reflects that BTS are currently oversold and that the market is more or less unstable. As such, we expect BTS price to rise attempting to test the next resistance level around 13,953 satoshis which corresponds to the 23.6% Fib retracement.
I recommend buying BTS between 11,661 and 12,200 satoshis and setting a sell order for the bought coins at 13,300 satoshis or even higher at 13,953 satoshis.
NXT’s price surged last week to record a high of around 9,000 satoshis on Poloniex last Tuesday, before the market’s bears pulled price down to 6,600 satoshis at the time of writing of this article. Let’s examine the 4 hour NXTBTC chart from Poloniex, while executing the Williams Alligator indicator. We can note the following:
- We can plot a Fibonacci retracement extending between the low recorded on the 2nd of May (1,648 satoshis) and the high recorded on the 13th of May (8,988 satoshis). As shown on the below chart, the downwards price movement was reversed when price approached the 38.2% Fib retracement level around 6,184 satoshis.
- The smoothed moving averaged of the Williams Alligator indicator are exhibiting a bullish signal as the red SMA is above the blue SMA and the green SMA is above both.
I recommend buying NXT between 6,500 and 6,800 satoshis and setting a sell order for the bought coins at 7,256 satoshis or even at 9,000 satoshis
Charts from Poloniex, hosted on Tradingview.com