Crypto Daily: Crypterium Portfolio Grows Despite Market Crash

Nov 11, 2021
03:11
2 min reading

Choise.com team

As you may remember, we’ve rebalanced the portfolio last time. Let’s take a look at how our investment has changed after 7 days:

Our portfolio grew by 2.7% during this time and set a new all-time high at $84,082. All this happened despite the strongest collapse that happened literally last night when the price of Bitcoin fell by more than 10%. Our portfolio confidently withstood this market collapse and kept the positive trend.

This was largely due to Litecoin. Its price showed a quick growth of 26%. Two weeks ago, we talked about Litecoin having great upside potential and that is what happened this week. So, just yesterday, the LTC price reached $295. This means that the coin has grown by 50% in just 3 days. On the daily timeframe, a negative candlestick pattern has formed, which can turn the price down to $230. This will be a natural correction after such a large-scale growth.

The second coin that showed positive dynamics this week was Bitcoin. Its price has risen by 3.54% or $2,000. However, at the beginning of the week, Bitcoin set several historical highs at once, the last of which is at $69,000. Immediate support is around the $61,500 level. If sellers are able to break this level and consolidate below, then the price can go up to $55,000. Therefore, we expect to see a slow decline to the designated level, where the main struggle between bulls and bears will take place.

Ethereum has also posted a small increase of 1.57% in 7 days. At the same time, this asset continues to move in a strong upward channel. Just yesterday we said that the chart will continue to decline to the lower border of the channel, and this happened ten hours later. Most likely, within a few days, we will see a sideways movement with a subsequent exit up to the $5,000 zone.

XRP was one of two assets to lose value this week. At the same time, the price of this coin decreased slightly – by 2%. The chart broke through the global downtrend line and the price reached $1.35. However, during the general drop, XRP dropped to $1.12. This is a classic retest after a breakout of an important level. That is why we believe that in the near future this coin may show a new round of growth to the range of $1.40 – $1.50.

CRPT fell the most this week. This was due to the strong growth that took place last week and the price of the coin reached $0.42. Now the chart is fixed in the range of $0.31 – $0.34. Trading volume and indicators tell us that this is a new period of accumulation before the rally. In the coming week, we think that the CRPT may reach $0.40 again. If buyers can keep the price at this level, then the road will open up to $0.50.

Our portfolio has undergone significant changes last week. Because of this, many assets have gone beyond acceptable limits, so we will be rebalancing. This time we will sell a part of the strongly grown Litecoin and Bitcoin and use the proceeds to buy the rest of the coins:

trading crypto crpt portfolio

If the entire market had not collapsed tonight, we might have seen completely different values in our portfolio. Most likely, its volume would have been much higher. This fall is associated with the news of the default of the largest Chinese developer Evergrande. However, the reliability of this information raises doubts, so soon the value of many assets may return to their previous values within the next week.