Overall this week has been tough for bitcoin holders seeing prices slipping $1000 to current prices of $8600. On the other hand crypto has had a bright run as the likes of Ethereum carry on producing significant gains for investors.
As seen below, the week started off with prices falling till a bottom of $6200 was reached. In line with the similar market conditions observed for the majority of this month, bitcoin prices were controlled by bearish traders for the majority of the week.
Crypto markets have recovered nicely over the latter part of the week seeing green among the 10 biggest cryptocoins. Bitcoin has reclaimed much lost territory as it bounced back from $8200 to current ranges above $8600. The 7 day moving averages indicate bulls are still in control despite the short dump which occurred over the weekend. Prices are set to move toward the $9300 price mark to complete a double top movement,. Furthermore according to current trends, prices are set to continue recovering over the next week with a short term target of $8900 placed by analysts for the next 48 hours.
Alternative Investments :
Ethereum has been highlighted by the crypto community a s a valuable long term investment,. For those looking to expand their crypto portfolio, Ethereum prices have risen considerably this week as recovery continues through the past 3 months. In the long term prices could increase over 10% in the next month. Placing 5% of your current bitcoin holdings into the markets can provide a suitable source of long term stability when bitcoin markets become turbulent.
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Disclaimer : Please trade responsibly as BTC.NG or the author can not be held liable for any losses incurred. This article is not meant to supersede trading advice. Losses can exceed deposits.