The past week witnessed a drop in the price of most major altcoins including Ethereum ETH, Monero XMR, Litecoin LTC, Golem GNT, Bitcoin Cash BCC and others, yet as bitcoin price dropped by around 20% during the past few days, altcoins markets are expected to recover during the upcoming week, in response to a drop in the value of bitcoin.
So, what are the best altcoins to buy this week for profit?
BitShares price has been dropping during the past week to reach a low that had not been recorded since the 26th of May (around 2000 satoshis). We can plot a Fibonacci retracement on the 1 day BTSBTC chart from Poloniex, extending between the low recorded on the 9th of May (1,559 satoshis) and the high recorded on the 11th of June (17,670 satoshis). The support level around 1,559 satoshis is strong enough to prevent further price drop, especially that it also resisted further price drop on the 9th of May. This level will mostly reverse the downtrend, especially that candlesticks are now moving close to the lower Bollinger band.
I recommend buying BTS between 1,600 and 1.800 satoshis, and setting a sell order for the bought coins at 3,800 satoshis.
Stratis price dropped last week to reach a low that has not been recorded since last July (99,745 satoshis). We can plot a Fib retracement between the high recorded on the 10th of August (260,439 satoshis) and the low recorded earlier today (99,745 satoshis) on the 4 hour STRATBTC chart from Poloniex. Right after the day’s low was recorded, a “bullish piercing” pattern was formed, which serves as a bullish reversal signal at this point (look at the 2 candlesticks highlighted by an ellipse on the below chart).
I recommend buying STR between 117,000 and 118,000 satoshis and settig a sell order for the bought coins at 137,669 satoshis, which corresponds to the 23.6% Fibonacci retracement.
Last week’s downtrend was reversed after hitting a week low of 4,845 satoshis, as shown on the below 4 hour XEMBTC chart from Poloniex. NEM price will mostly continue on rising as the new uptrend will not face significant resistance except around 6,464 satoshis, which corresponds to the 38.2% Fib retracement as shown on the below chart.
I recommend buying NEM between 5,800 and 6,000 satoshis and setting a sell order for the bought coins at 6,500 or even at 6,900 satoshis.
Charts from Poloniex, hosted on Tradingview.com