
Recall, in the past 2 weeks, we have seen a decline in the value of our portfolio, mainly due to the Bitcoin falling. Let’s see if the downtrend was interrupted and how our portfolio has changed over the past 7 days:
As we can see, the decline in the value of our portfolio continued this week as well. Now we can say for sure that there is a clear correction in the market and the fault is that Bitcoin, the price of which has decreased by 25% in 3 weeks. Despite this, the value of the portfolio is still 3 times our initial investment.
Bitcoin has dropped significantly over the week – by almost 10%. The price still broke the triangle down, as we expected, and went below $30,000, but buyers quickly brought the price back. A descending triangle is now forming on the chart and there is a high probability of a price breakout below $30,000. This has already happened several times, but at the current moment a consolidation below this level may occur. This time, the price could go down to the $26,000 – $27,000 range.
The leader of growth this week was CRPT, the price of which increased by 19.46%. In addition, it is the only asset from our portfolio that has shown an upward trend this week. Last time we talked about CRPT having an excellent buying area and expecting a rise in 2-4 weeks. However, this happened a little earlier. Now we expect to consolidate at $0.25, after which the further direction of the asset price will become clear.
XRP also lost significantly in value – 13%. The chart shows clear signs of weakness. There are practically no buyers and stagnation has formed in the market. This could lead to even larger XRP drawdowns. We expect XRP to drop to $0.22 within a week.
The LTC price fell 8.5% and broke the $130 per coin. The LTC chart almost completely copies the Bitcoin chart. This tells us that at the moment it is necessary to make predictions for this coin, relying on Bitcoin. In addition, Litecoin entered a downtrend. Based on this, we expect to see a chart in the $95 – $105 range in the next 2 weeks.
Despite the fall in Bitcoin, Ethereum held up well and fell only 1.28%. The chart of the coin is still in a strong uptrend and should definitely continue in the next 7 days. We expect to see the price rise to at least $1,500, in a good scenario – up to $2,000. This means that in the coming week Ethereum will deliver a new ATH and it will be possible to make good money on this.
The structure of our portfolio has changed significantly over the past week and some assets have exceeded the allowable share. Therefore, we will be rebalancing the portfolio. This time we are selling a part of CRPT, ETH and XRP and will buy BTC and LTC with the proceeds.
Judging by the fact that the value of our portfolio has been falling for the third week in a row, we are now in a correction. The coming week can be very difficult for the entire market, so be prepared for this outcome.