The “other 3” crypto currencies were slightly limp over the last 24 hours, but that’s not a huge surprise considering how much noise we have seen in the crypto currency markets over the last several days. We initially rallied and all of them, but started to see sellers return late in the day.
Bitcoin Gold initially tried to rally during the day on Friday, but gave back quite a bit of the gains. I think that the $200 level will now be a bit of a magnet for price, and although Bitcoin Gold looks to be rallying in the short term, I suspect that there is a lot of damage done to this market, and I would be the first point out that there is almost nothing along the lines of volume. A lack of volume is not a positive sign, so I think that it’s only a matter of time before we break below the $200 level again.
DASH traders rallied during the day on Friday, bouncing from the $800 region. However, we have a lot of resistance at the $880 level, and a serious lack of volume over here as well. I believe that we are likely to see this market roll over and try to break below the $800 level again. Once we do, the market will probably go looking towards the $750 level, followed by the $650 level. If we did break above the $900 handle, and especially if we had volume behind the move, I would be more than willing to start buying again. I suspect that most retail traders have stepped away for a while, after losing such massive amounts of money.
Monero rallied a bit during the trading session on Friday as well, bouncing from the $300 level. This market looks likely to continue to consolidate between the $300 level on the bottom, and the $350 level on the top. We need to see volume on a break out to the upside to be comfortable buying, otherwise I don’t think we are going to break out. This is a marketplace that continues to offer short-term back and forth trading, but we are in a market that has been pummeled, so moves out of the consolidation area could be rather sudden.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.