Disclaimer: This article is for information purposes only and should not be construed as investment advice in anyway. Never invest what you are not prepared to lose. The author is long on Ethereum.
Welcome to the fourth of our cryptocurrency technical analysis articles The series started off with 3 good picks, missed one pick in week two and now we have to look at rebounding from a week where we only picked 1/3 correctly!
Reminder of the trading strategy: make a 5% weekly gain in ETH using technical analysis to identify options that appear to be able to deliver that return.
TrueUSD TUSD/ETH (BUY)
Current Price: 0.00190838 ETH
Target Price: 0.00206105 ETH (+5%)
This choice is mostly based on the consistent fluctuations of ETH, BTC and otehr major cryptocurrencies against the USD. However, the position is reinforced by the usual 7-day MA crossing the 14-day combined with the positive signals from the MACD and momentum oscillators.
Decentraland – MANA/ETH (Speculative BUY)
Current Price: 0.00017873 ETH
Target Price: 0.00118554 ETH (+5%)
MANA’s price has retreated today, but on very low volume. The previous 72 hours of trading saw significant volume increases and the moving averages continue to point to buy signals. The negative momentum signal tempers our outlook for this option though, andas such we only rate is a speculative buy.
There are not a lot of options available this week, so check back next week for the review of this weeks forecasts and our outlook for next week where we can hopefully identify four signals to make up for this week!