We did a little rebalancing of the portfolio last time. But the current week has turned out to be quite active for the market. Let’s take a look at how this affected our portfolio:
Our portfolio grew by $5,500 or 10% over the week. The last time we observed such values was 3.5 months ago, before the collapse of the entire crypto market in May. This time, absolutely all cryptocurrencies in our portfolio grew and showed positive dynamics. Thus, the portfolio has been growing for the fifth week in a row, and this almost identically reflects the market situation.
The growth leader was by a wide margin CRPT, whose price increased by almost 40%. Last week we talked about the fact that the price of the coin can reach $0.20 very quickly and our assumptions came true. Such rapid growth was predictable on the chart, and the trigger was a listing on a new crypto exchange. At the same time, on Monday the price of CRPT almost doubled and reached $0.29. Now we expect a slight correction with consolidation in the $0.19 – $0.20 region.
Next came Bitcoin, which grew by 8.4% in 7 days. Earlier this week, the price of the first cryptocurrency rose higher and reached $50,500. However, buyers were unable to gain a foothold at this level and the price fell by 5%. A rising wedge reversal pattern has formed on the Bitcoin chart. According to him, the price may drop to $42,000 – $44,000. At the same time, some other signs of an impending decline appeared on the chart, including strong divergences on indicators.
Ethereum showed an upward trend and rose 6%. However, if you look closely at the chart, you will notice that for 2 weeks the price has been moving in the range of $3,000 – $3,400 and this can already be called a sideways movement. It is quite obvious that buyers have begun to lose strength and cannot hold the price. Moreover, according to the current chart, there is a high possibility of the formation of a “double top” reversal pattern. If this pattern is worked out, the Ethereum price may drop to $2,600.
Litecoin is in fourth place with an increase of 3.9%. At the beginning of the week, the price reached the level of $190 but could not overcome and gain a foothold above it. As a result, a “double top” pattern was also formed on the chart. In addition, the price has broken the uptrend from top to bottom and consolidated below it. All of this could drive the price down to $140 in the near future.
XRP rose the least this week. Its price increased by 1.79%. The situation on the chart for this coin is different from the others. So far, we do not see any signs of a strong fall. Moreover, it looks like a “falling wedge” is forming on the chart, which may indicate a new round of growth. However, there is a high likelihood of a slight decline to $1 before that. After that, XRP can turn upward with high strength.
Despite the fact that all the coins in our portfolio showed positive growth dynamics, we will be rebalancing. This is primarily due to the strong growth of CRPT, which went beyond the established boundaries. We will sell part of this coin and buy the rest of the cryptocurrencies from our portfolio:
The past week turned out to be positive for our portfolio, which immediately grew by 10% during the sideways market. This can be called a good result. Nevertheless, in the coming week, high volatility in the crypto market is possible, which will be the result of a strong decline. Now there are many signals that indicate that the market is overbought and needs to be unloaded before a new round of growth.