A bullish wave was evident across multiple altcoin markets last week, boosting the price of several coins by more than 20%. The price of Ethereum ETH rose by more than 20%, as it surged from around $322 to $387 at the time of writing of this update. Monero XMR price almost doubled as it rose from around 0.19 BTC to record a week high of 0.38 BTC last Monday, before dropping down to 0.03 earlier today. Lisk LSK was one of the biggest gainers during last week’s trading sessions, as it rose from 77,000 satoshis to 145,000 satoshis, scoring more than 88% increase in market capital within less than a week.
If you followed our altcoin picks for last week, then you most probably managed to make some good profits trading Monero XMR and Litecoin LTC. If you are still holding Ripple XRP, keep holding them for another week, as it will most probably rise to your target sell price within the upcoming week.
So, what are the best coins to buy for profit this week?
Litecoin LTC:
Litecoin continues to rise. Let’s keep on the Fib retracement we plotted during last week’s update and look onto the 4 hour LTCBTC chart from Poloniex (look at the below chart). As we can note on the chart, Litecoin price has just broke through the resistance at 0.01482468 BTC, which corresponds to the 38.2% Fib retracement, so it will most probably continue rising as the next significant resistance lies around 0.01766110 BTC (23.6% Fib retracement). Continuation of the bullish wave can be confirmed by the bullish signal shown via the SMAs of the Williams Alligator. The MACD indicator is also bullish as it lies in the positive territory and the blue positive trend line is above the red negative trend line.
I recommend buying LTC now namely below 0.016 BTC and setting a sell order for the bought coins at 0.0176 BTC.
NEM XEM:
NEM price rose from around 6,000 satoshis up to 7,100 satoshis earlier today. To set up key resistance and support points, we will plot a Fib retracement between the low recorded on July 10, 2017 (4,752 satoshis) and the high recorded on August 3, 2017 (9,007 satoshis) (look at the below chart). Note that NEM price is currently testing the resistance around 7,382 satoshis (38.2% Fib retracement). If this resistance level is broken, we can see NEM rise towards the next resistance level around 8,003 satoshis. The bullish signals shown by both the William’s Alligator and MACD indicators, indicate that NEM price will likely breach this key resistance level.
I recommend buying NEM between 7,200 and 7,400 satoshis and setting a sell order for the bought coins at 8,000 or even 9,000 satoshis.
Lisk LSK:
A bullish wave has been driving Lisk’s market during the past couple of weeks. As shown on the below 4 hour LSKBTC chart from Poloniex, we can plot a Fib retracement between the low recorded on August 17, 2017 (42,766 satoshis) and the high recorded on August 27, 2017 (182,426 satoshis). LSK is currently testing the resistance around 149,466 satoshis (23.6% Fib retracement) and it will likely break through it, especially that the MACD and Williams Alligator are bullish.
I recommend buying Lisk between 145,000 and 146,000 satoshis and setting a sell order for the bought coins at 165,000 satoshis or even 182,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com
