Crypto Price Analysis: 5 Altcoins to Watch This Week
Last week’s correction has driven many altcoins to breach their key support areas. This weakness was led by none other than Bitcoin as the leading crypto has begun to lose steam. It printed a lower high of $13,200 on July 10th and that started the downward spiral for many cryptocurrencies against USD.
Thus, for this week, we’ll look at crypto tokens in their BTC pairs. Here are the five altcoins to watch this week.
Binance Coin (BNB/BTC)
Binance Coin is a market that’s showing signs of reversal. First, the crypto token is respecting support of 0.0025. It should be noted that this is only the second time that the market is touching this support. Therefore, the demand area is far from drained. In addition, the cryptocurrency is flashing a bullish divergence on the daily RSI.
If you’re interested in opening a fresh long, buy as close to 0.0025 as possible. The target for the bounce is 0.00345.
Stellar is at the point where it either resurges or it dies. It is trading close to historic lows of 0.00000732. Breach that level and the crypto should be in a price discovery mode and not in a good way.
Fortunately, Stellar appears to be respecting support of 0.00000732. In addition to that, the altcoin is trading in oversold territory on the weekly RSI. A bounce is likely to happen soon.
If you’re interested in bottom picking Stellar, buy as close to 0.00000730 as possible with super tight stops. The target for the bounce is 0.00001245.
Bitcoin Gold (BTG/BTC)
Bitcoin Gold is a market that’s starting to show signs of life. On June 26th, it broke below support of 0.0025. The crypto traded below the support for over two weeks. Recently, however, bulls have fought back.
A look at the daily chart shows that Bitcoin Gold has reclaimed support of 0.0025. This tells us that the breach below the support was nothing but a good old fashioned shakeout. Now that weak hands have been shaken out, we expect the cryptocurrency to rally.
Buy as close to support of 0.0025 as possible. The quick target is resistance of 0.0036.
Basic Attention Token (BAT/BTC)
Another market that’s looking good for bottom picking is Basic Attention Token. The market is trading very close to weekly support of 0.000023. This is a support area that has never been breached since December 2017.
If you’re looking to long this crypto, consider buying as close to 0.000023 as possible. The target for the bounce is 0.000033.
Our final pick for the week is MonaCoin. The crypto is trading near oversold conditions. On top of that, it is hovering at support of 0.00017 where the 200-day moving average is also crawling and acting as support.
So far, support of 0.00017 is holding so this tells us that bulls are making their presence felt. If you’re interested in bottom picking the market, buy as close to 0.00017 as possible with a tight stop. The target is 0.000245.
Bitcoin is starting to show signs of weakness which gives many altcoins the opportunity to bounce, especially those who have been badly beaten. We have provided five altcoins that are showing signs of reversal. Keep your stops tight and all will be well.
Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
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