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Last week, the value of our portfolio decreased by 6% to $57,000. This was due to the strong fall on September 7th, which shook the entire market. However, the crypto market started showing signs of recovery this week.
Let’s analyze how this affected our portfolio:
As you can see from the table, absolutely all assets in our portfolio showed a slight upward trend this week. However, most of the growth occurred in the last 2 days. The portfolio volume has approached the $60,000 mark again, which has been the key one lately. Recall that during our experiment, the Portfolio has grown 6 times.
The growth leader this week was Litecoin, which gained 6.1% and passed the $192 mark. Earlier this week, there was fake news from a collaboration between Walmart and Litecoin. As a result, the price of the coin jumped by 40% to $240 and then also plummeted down to the previous levels. The chart of the coin has a strong structure and this week it can overcome the $200 mark and again head towards $240.
Ethereum is in second place in terms of weekly growth with an indicator of 4.55%. Earlier, we said that Ethereum is trapped in a rising wedge, and now this pattern has begun to work out. By many indications, there’s a high probability that in the next week the price will come in the range of $3,800 – $4,000. This is the main resistance level on the chart at the moment.
Bitcoin also showed significant growth. Its price increased by 4.5% and rose from $46,200 to $48,300. The chart structure is very similar to Ethereum with the formation of a falling wedge and its breakout upwards. This only strengthens the signs for further growth in Bitcoin. The immediate target where Bitcoin will come is the $49,700 level. Most likely, here we will see a small stop as a result of the struggle between buyers and sellers.
XRP also showed an upward trend this week and added 1.82% to its price. On the daily timeframe, a “double bottom” pattern has formed on the chart, which can lead to a sharp jump in the price. In addition, XRP has been moving in an expanding triangle in the last month, which could lead to a sharp movement in the price to the upper border, which is in the $1.45 – $1.50 range.
CRPT has moved into an uptrend during the last 4 days. This can be judged by the fact that it rose 15% from its bottom. On the daily timeframe, the chart approached the downtrend and may soon break it up. The indicators turned around and went out of the oversold zone, smoothly moving upward. All this creates positive factors for further growth in the price of CRPT. The nearest target is the $0.20 level, where the first strong resistance level is located.
There were no significant changes in the portfolio structure this week. All assets have grown at the same time and therefore continue to remain within acceptable limits. We will not rebalance this time.
This week the market showed a reversal reaction. A lot of assets showed growth and it has every chance to continue in the coming days. Bitcoin and Ethereum are the main growth drivers and are trying to win back last week’s fall. In this regard, we expect an increase in volatility and trading volume on the market.