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Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. Over the past 4 weeks, we have carried out 4 rebalances due to the strong growth of Bitcoin and Ethereum. As a result, our portfolio reached $35,000 last week. Let’s take a look at how the situation has changed over the past week:
This time, the volume of our portfolio decreased slightly – by 4.89%. However, this is still 3.3 times the initial investment. This decline is the first in the last 5 weeks and it was to be expected, because before that in just 4 weeks the portfolio had grown by 71%! That is why a correction was already brewing.
CRPT was the top gainer in our portfolio this week, up 5.28%. At the current moment in time, this coin is highly undervalued and is still in the consolidation zone. For 3 weeks, the chart fluctuates in a wide range of $0.25 – $0.30. There is a good opportunity to break this range higher and rise to $0.40. This can occur in the range of 2 to 4 weeks.
XRP has practically not changed in value over the past week and its price has increased by only 0.1%. However, during the week XRP showed a strong increase of 24%, but after 3 days the price collapsed by 25%. On the 4-hour timeframe, XRP is forming an ascending triangle, so we expect a breakout of resistance at $0.30. After that, the price can come in the range of $0.33 – $0.35.
Bitcoin lost 5.43% of its value over the week and is currently trading at $37,500. At the same time, during the entire second half of the week, we saw a decrease from $42,000 to $30,500. But this did not allow breaking the uptrend and Bitcoin grew by 20% from the low of the week. In the next 7 days, we expect to see sideways movement in a wide range of $32,000 – $42,000. At the same time, there is now a real long fall if the Bitcoin price consolidates below $32,000.
Ethereum also showed negative dynamics this week and fell even more – by 9%, but at the beginning of the week its price rose to $1,348, the highest value in the last 3 years. ETH at that moment got as close as possible to its ATH at $1,440, but at that moment sellers sharply activated and dropped the price to $912. In the coming week, we expect the price of ETH to approach $1,400 again and may be able to set a new ATH.
Litecoin fell the most this week – by 13.75%. But before that, the coin increased significantly in value and even managed to gain a foothold at $180. However, Bitcoin’s sharp drop affected Litecoin, which fell more than 33%. At the moment, it is difficult to talk about the future price movement, but it is slightly more likely that the price will rise up to $160.
The portfolio structure has not changed much this week. The shares of assets are in the established range, so we will not rebalance this time.