The “alt coins” that I follow here at FX Empire all had strong days, which makes sense as crypto currencies in general have rallied. If Bitcoin rallies, it tends to drive the other currencies higher as well. However, the one thing that all crypto currency markets are facing a significant resistance just above.
Bitcoin Gold rallied 7% as I record this during the day on Monday, which of course is a very bullish sign, with the $125 level underneath offering support, while the $150 level above offers resistance. If we can break above the $150 level, Bitcoin Gold can go to the $200 level. However, it would not surprise me at all to see this market pull back occasionally to go looking for momentum. If we break below the $125 level, the market should go to the $100 level.
The DASH/USD market has rally during the day as well, as we continue to grind towards the $800 level. There is plenty of support underneath though, extending down to the $600 level. The market will continue to go higher based upon the recent break above a significant downtrend line, but if we broke down below the $600 level, then we could have a bit of value present itself, but obviously you need to see Bitcoin in Ethereum both rally longer-term for crypto currency such as DASH to continue to show strength. The $800 level above being broken to the upside will continue to go much higher, perhaps to the $1000 level.
Monero rallied significantly during the day as well, reaching towards the $325 level. If we can break that level, then I think $350 will be the next target, perhaps then offering an opportunity to reach towards the $400 level. Any pullback from here should find plenty of support near the $300 level, and therefore I think that it’s a “buy on the dips” type of situation, but the lack of volume continues to be a major concern.
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.