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Last week, many altcoins continued skyrocketing to record their all time highs. This rise in the price of many altcoins accompanied bitcoins bullish rally, as its price approached the $1700 mark last week on Poloniex. Ethereum gained around 25% during last weeks trading sessions. Moneros price rose from around 0.016 BTC to more than 0.02 BTC on Poloniex, before dropping down to 0.0188 BTC at the time of writing of this article. MaidSafeCoin also rose to score its all time high last week recording 0.00024200 BTC. By far, Ripple was amongst the biggest gainers last week, as it recorded more than 100% gains rising from around 3800 satoshis to more than 8700 satoshis at the time of writing of this article.

Now, lets see which coins can represent attractive options to buy for profit this week.

Last week, NEMs price rose from around 3700 satoshis to around 7400 satoshis recording around 100% gains. NEM is expected to rise even more to around 10,000 satoshis during the upcoming week, so it represents a promising coin to buy this week, especially that the 1 day XEMBTC chart is exhibiting an almost logarithmic rate of rise now and the Williams Alligator indicator is showing a bullish signal (look at the below chart).

I recommend buying XEM between 7000 and 7500 satoshis and then putting the bought coins in a sell order at 9000-10,000 satoshis.

Stellars value rose by more than 2000% during last weeks trading sessions on Poloniex. However, after rising to around 5000 satoshis, Stellars price started dropping to around 2500 satoshis at the time of writing of this article. It seems that price correction is taking price downwards, before the markets bulls will take the upper hand again pushing price upwards again. I recommend buying Stellar at a price between 2000 and 2500 satoshis and then setting a sell order for the bought coins between 4500 and 5000 satoshis.

As shown on the STRBTC chart from Poloniex (look at the below chart), the Williams Alligator indicators bullish signal is still obvious, so further price gains are still expected.

The price of Bitshares (BTS) rose by more than 150% from around 1000 satoshis to 2700 satoshis during last weeks trading sessions. In my opinion, Bitshares have the potential to rise to 3500 satoshis during the upcoming week. I recommend buying Bitshares at a price between 2000 and 2200 satoshis and then putting the bought coins in a sell order at 3500 satoshis.

These were our altcoin picks for this week. Note that cryptocurrency trading is extremely risky, so trade with caution and only with the amount you can afford to lose.

Charts from Poloniex, hosted on Tradingview.com

About Dr Tamer Sameeh

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Which Altcoins to Buy This Week? (May 8th, 2016) - Live Bitcoin News