This week turned out to be relatively calm and didn’t bring any big shocks. Let’s take a look at how our portfolio has changed over this time:
As of the present moment, the portfolio volume has decreased by slightly over $2,000, or 3.6%, continuing the downtrend that had started 5 weeks ago. This is the first time such a long decline has taken place since we began our experiment, which had already lasted for 1.5 years. All in all, the portfolio has lost 30%, which is quite similar to what happened to Bitcoin. For the second week in a row, each and every asset in our portfolio shows negative dynamics.
Bitcoin was the cryptocurrency that lost the least with its price falling by 2.15%. However, just yesterday afternoon, BTC was trading at below $47,000 and then soared following the news from the FED chairman. Currently, Bitcoin continues its downtrend and there are no prerequisites for an upcoming reversal. There is a high probability that our chart will experience another drop to the $42,000 area.
The CRPT price has decreased by slightly over 3% over the past 7 days. The chart approached the global support level and finally started a sideways movement. Earlier, we mentioned that the asset would enter the accumulation zone and now this fact is finally becoming visible. We expect the CRPT price to settle in the $0.11 – $0.14 area next week.
Next comes XRP, which fell by 3.6%. For a long time, the chart has been moving in a descending channel and it is now going closer to the lower border. The price stagnated next to the $0.80 level and started a sideways movement. Sellers are trying to lower the price, but they have not succeeded so far. However, it’s still likely that the XRP will plummet. In case of another market decline, the chart may decrease to the area of $0.6 – $0.7.
Litecoin has already dropped significantly and lost almost 5% of its value. Yesterday, the chart was moving around the $141 mark, which is the key support level for the coin, and rose along with the entire market. If the LTC price breaks the support and consolidates below it, then the asset may plunge to the $100 – $110 area. This scenario is less possible, however, it cannot be set aside. Litecoin left the downward channel, which is a negative sign, so now, it is difficult to talk about a potential growth and an upward reversal.
Ethereum suffered the most this week, losing 8.5% of its value and reaching $4,000. Moreover, the Ethereum chart has been moving in the $3,700 – $3,800 zone for a long time before this drop took place. It is one of the few assets that still remains within an ascending channel and keeps trying to bounce up. However, we can see a complex structure that has formed at the daily chart, which indicates a further decline to $3,700.
All assets in our portfolio remained within acceptable limits, so we will not rebalance it today.
The past week turned out to be negative for the market again. At the present moment, many indicators point to a significant level of fear prevailing among the market participants, which led to the majority of cryptocurrencies having lost 30%. As a rule, such periods are excellent points of entry to purchasing crypto. However, we will most likely see another 10-15% decline before the reversal will start.