Crypto Price Analysis: 5 Altcoins to Watch This Week
Five out of the five altcoins on last week’s list moved according to expectations. It was led by Binance Coin (BNB/BTC). The crypto token bounced from our key support level and it is now approaching our target price. Stellar Lumens (XLM/BTC) followed suit as it also bounced from its respective support. The remaining three picks – Bitcoin Gold (BTG/BTC), Basic Attention Token (BAT/BTC), and Monacoin (MONA/BTC) – are all trading close to their support areas.
For this week, we continue looking at crypto tokens in their BTC pairs. Here are the five altcoins to watch this week.
Litecoin is starting to show signs of strength after a three-month corrective period. On July 15, 2019, bears breached key support of 0.0087. However, bulls quickly responded and recovered the support on July 17th with a big green candle. The price action has enabled the bulls to successfully convert resistance of 0.0087 into support.
In addition to that, we can see a bullish divergence on the daily RSI. This tells us that a trend reversal may be on the horizon.
If you’re interested in opening a fresh long position in this crypto, consider buying as close to 0.0087 as possible. The target for the bounce is 0.0115.
Cardano is an excellent bottom picking target because it is currently trading close to its historical support of 0.0000057. On top of that, the crypto token is oversold in both the daily and weekly RSIs. At the very least, it is likely that there will be a relief bounce in the coming days.
If you’re interested in bottom picking Cardano, buy as close to 0.0000057 as possible with a tight stop. The target for the bounce is 0.00000875.
Ravencoin is in an interesting situation because it is in the midst of a strong bounce. It respected support of 0.000004 and it is now threatening to breach our range midpoint of 0.00000498. We want to see the market consolidate above 0.00000498 before its next leg up.
If you’re interested in Ravencoin, wait for it to stabilize above 0.00000498. If it does, bulls will target our range high of 0.00000595.
Tezos may have ended its three-month downtrend with an Adam and Eve double bottom pattern on the daily chart. Right now, the key level to hold for the market is 0.0001.
Therefore, if you want to open fresh long positions, consider buying at around 0.0001. If bulls can keep the price from falling further, we can see Tezos bouncing to 0.00012.
Crypto.com (CRO) is in a very good position to end its four-month bear market with a double bottom reversal pattern on the daily chart. All the bulls need to do is to keep this coin trading above 0.000005. Fortunately, we can see a long bullish divergence on the daily RSI. This tells us that momentum has swung to the side of the bulls.
If you want to bottom pick the crypto token, buy as close to support of 0.000005 as possible. As long as this level holds, the targets are 0.00000713 and 0.00000925.
Altcoins are showing bottoming out signals against their BTC pairs. Our five crypto selections this week are trading close to their respective supports and they offer very good risk to reward ratios. Just follow the levels we mapped out and keep your stops tight.
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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