Last week, the price of most major altcoins stabilized following a bullish week that witnessed some considerable gains in the price of multiple coins. Ethereum ETH price rose from around $265, in the beginning of the week to stabilize around $300. Monero XMR recorded a week high of $104 last Wednesday and then dropped slightly to stabilize around $92. Ripple XRP recorded a week high of 5,222 satoshis last Wednesday too, before dropping down to stabilize around 4,500 satoshis. On the other hand, a handful of coins witnessed some gains including Digibyte DGB, which rose by around 20%, and GameCredits GAME, which rose from 41,384 satoshis to 57,000 satoshis, scoring around 33% gain in market capital in one week.
So, what are the best coins to buy for profit this week?
GAME traded at 41,384 satoshis on Poloniex in the beginning of last week, then a bullish wave pushed its price all the way up to record a high of 68,519 satoshis last Wednesday, after which price correction attempts pulled price downwards to 57,060 satoshis, at the time of writing of this analysis. To identify key resistance and support levels, we can plot a Fibonacci retracement, on the 4 hour GAMEBTC chart from Poloniex, that extends between the low recorded on the 15th of September (25,431 satoshis) and the high recorded last Wednesday (68,436 satoshis) (look at the below chart). The 38.2% Fib retracement, which corresponds to 52,008 satoshis, represents a strong support level that prevented further price drop halting the downwards price correction attempt as shown by the long downwards shadow of the candlestick highlighted by an ellipse on the below chart. GAME will continue rising again, especially that the SMAs of the Williams Alligator are realigning to exhibit a bullish signal.
I recommend buying GAME between 52,000 and 53,000 satoshis and then setting a sell order for the bought coins at 62,600 or even at 68,436 satoshis.
STEEM price rose from around 28,100 satoshis in the beginning of the week, to record a high of 39,973 satoshis last Wednesday before price correction attempts took price downwards to 33,503 satoshis at the time of writing of this analysis. To determine main resistance and support levels, we can plot a Fibonacci retracement on the 4 hour STEEMBTC chart from Poloniex that extends between the low recorded on the 15th of September (21,678 satoshis) and the high recorded last Wednesday (39,973 satoshis). As shown on the below chart, the 38.2% Fib retracement, which corresponds to 32,894 satoshis, represents a strong support level that is resisting further price drop, as shown by the long downwards shadows of the candlesticks near this price level. As such, STEEM will mostly continue on rising, especially that Williams Alligator is still exhibiting a bullish signal.
I recommend buying STEEM between 33,000 and 34,000 satoshis and setting a sell order for the bought coins at 37,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com