Last week the volume of the portfolio remained practically unchanged and this indicated the general stagnation of the market. However, there have been a lot of chart movements in the last 7 days, so let’s take a look at how our portfolio has changed over this time:
As you can see from the table, the drop was almost $9,000 or 18%. Our portfolio dropped below $40,000 for the first time in 4 months. At the same time, a strong fall occurred throughout the market, Bitcoin and altcoins fell very significantly. Earlier we warned about a similar situation and it began to come true.
Crypterium fell the least this time, its price dropping by 12%. At the moment, the chart of this coin is in accumulation and buyers are slowly gaining a position. During the collapse of the entire market, CRPT was quickly able to regain its lost ground. This suggests that market participants are picking up CRPT near the lower levels.
The first cryptocurrency also lost significantly in value, dropping 16%. This was followed by a rebound within two days, but the price was unable to return to the previous levels. The chart only tested the downtrend formed in the last 10 days. We continue to believe that Bitcoin has a lot of weakness at the moment and may soon decline even more significantly, up to $24,000.
But Ethereum fell more than the first cryptocurrency. Its price dropped by 21%, which is a lot even for this cryptocurrency. For the first time in 2 months, ETH fell below $2,000 and settled there. Buyers are not showing any significant bounce and this indicates weak interest in the coin during the current period. A descending triangle has formed on the chart and this may trigger a price drop to $1,200.
XRP performed even worse and lost a quarter of its value in a week. The price broke through the important support level at $0.80 and rushed down. The situation on the chart also looks bad and there are still high probabilities for a new decline towards $0.40 – $0.44.
Litecoin lost as much as XRP – 25% of its value. At the same time, the chart continues to fail over the last month. The indicators have completely ceased to indicate the presence of a trend and hang around the same level. Taking this into account, there remains a high probability of a decline in the range of $90 – $100.
These drops have been reflected in our portfolio. And although the shares of altcoins did not go beyond the specified limits, Bitcoin significantly exceeded its share. Therefore, today we will be rebalancing. We will sell part of the Bitcoin and buy altcoins with these funds.
The past week turned out to be very difficult for the entire market. Almost all cryptocurrencies fell, while altcoins fell more than Bitcoin. As a result, this led to an increase in the dominance of the first cryptocurrency in the market. However, it seems that this movement is not over yet and we can see the final chord of this decline.