The altcoins’ markets recovered last week, following the previous week’s bearish wave that pulled the price of multiple coins downwards to price levels that haven’t been recorded for months. Ethereum ETH price rose to record a week high of around $271 on Poloniex last Tuesday, before dropping down to stabilize around the $220s. By far, GameCredits GAME was the biggest gainer last week, recording more than 75% rise, as it surged from around 60,000 satoshis to reach a high of 105,470 satoshis. Next NXT also rose from around 3,000 satoshis to 4,660 satoshis, as this article is being written, scoring a rise of around 55%. Digibyte DGB was one of the biggest gainers last week, as it surged from around 440 satoshis in the beginning of the week to 610 satoshis at the time of writing of this article, scoring a rise of around 39%.
So, what are the best coins to buy this week for profit?
A new bullish wave started controlling the market since the beginning of the week, taking price from around 60,000 satoshis to a week high of 105,470, before dropping down to 93,000 satoshis, as this article is being written. To determine key resistance and support levels at the current price level, we will plot a Fibonacci retracement extending between the low recorded on the 16th of July (59,542 satoshis) and the high recorded on the 4th of June (267,299 satoshis) on the 4 hour GAMEBTC chart from Poloniex (look at the below chart). As we can see on the chart, a 5 wave Elliott formation has began forming this week; the first 4 waves has been already formed and the 5th bullish wave is about to begin forming.
Right now, the resistance around the 23.6% Fibonacci retracement (94,413 satoshis) is being tested and will most probably be breached, especially that Williams Alligator’s SMAs are exhibiting a bullish alignment.
I recommend buying GAME between 94,000 and 95,000 satoshis and then setting a sell order for the bought coins at 116,000 satoshis and at 133,000 satoshis
Golem GNT price rose a bit during last week’s trading sessions from 9,300 satoshis to 10,950 satoshis at the time of writing of this article. We can plot a Fib retracement between the low recorded on the 11th of July (8,822 satoshis) to the high recorded on the 19th of June (27,715 satoshis) on the 4 hour GNTBTC chart from Poloniex, to identify main resistance and support levels (look at the below chart). It seems that the 8,822 satoshi price level is supporting price quite well, as can be shown by the long downwards shadows of candlesticks when price approaches this level. The Williams Alligator’s SMAs are realigning at the moment to exhibit a bullish signal, so we can expect GNT price rise towards the 23.6% Fib retracement (13,281 satoshis) during the upcoming week.
I recommend buying GNT between 10,900 and 11,500 satoshis and setting a sell order for the bought coins at 12,000 satoshis or even at 13,281 satoshis
Charts from Poloniex, hosted on Tradingview.com