While Bitcoin prices have been trading for the past week, many altcoins have begun to be pumped. This suggests that due to BTC's lack of volatility, investors and speculators are entering altcoin positions, which have moved at a significantly faster pace.
Trader The Wolf Of All Streets recently stated that there are four altcoins that he believes are likely to increase significantly in the future. These include: CHZ, HBAR, THETA and POWR.
I love waking up to green. $ CHZ, $ HBAR, $ THETA and $ POWR are all looking good. I shared all 4 in the newsletter yesterday. $ HBAR has been an epic trade. https://t.co/xAaPZrq9ei
– The Wolf Of All Streets (@scottmelker) March 4, 2020
Let's assess the potential of the four altcoins mentioned above.
On March 2, CHZ price broke out of the descending resistance. The breakout is in line with the technical indicators, as a bullish cross between the MA 50 and the 200 moving averages took place on February 23.
However, the price is trading right in the middle of the key resistance area at 150 satoshi. Therefore, after a pullback to confirm the resistance that the price has broken out with the support, the price is expected to continue moving up to the second resistance at 185 satoshi.
From the 120 satoshi area, this will be a 45% increase.
- There is resistance at 150 and 180 satoshi.
- There is support at 115 satoshi.
- Price broke out of a descending resistance line.
You can see the price of CHZ here.
On 11-12 / 2, HBAR price may increase very fast. Then it moved to the 350 satoshi support area, where it started to pop up continuously. The recovery is interesting because the daily RSI also bounces up at the 50 line. As long as it stays above this level, the HBAR trend can be considered bullish.
However, the price is trading in a strong resistance zone at 500 satoshi. Therefore, there are several possibilities for trading this currency:
- Wait for a flip of the 500 satoshi resistance area and try to start a long command towards the 800 satoshi resistance level. This has a 47% probability of achieving.
If the flip fails, there are two other options, both of which must wait for another confirmation of the 350 satoshi support area:
- Enter at 350 satoshi and seek a profit of 41% with the move to the 500 satoshi resistance area
- Step in at 350 satoshi and look for a 120% profit with a breakout of the final resistance at 800 satoshi.
- There is support at 350 satoshi.
- There is resistance at 500 and 800 satoshi.
- The daily RSI is rising.
You can see the price of HBAR here.
THETA price has broken out of the resistance three times on December 11, February 12 and 2/3.
Interestingly, the first two breakouts were followed with a 40% price increase. The same increase will bring it to 2,000 satoshi, also the highs reached in April and May 2019.
The nearest resistance level is found at 1,520 satoshi, of which the price is currently trading, while the nearest support area is 1,320 satoshi.
- There is resistance at 1,520 satoshi.
- There is support at 1,320 satoshi.
- Price has three times breakout up above a descending resistance line.
You can see the price of THETA here.
The price movement of POWR is the simplest of these four altcoins. It has been trading inside an ascending triangle since February 15. A breakout could take the price to the previous high of 1,700 satoshi, which will increase by 43%.
In any case, a stop loss level below 1,099 satoshi can be set to minimize loss in the event of a breakdown.
- Price is trading in an ascending triangle.
- There is resistance at 1700 satoshi.
You can see the price of POWR here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto
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