Alt coins has had a tough week as crypto currencies continue to deal with the aftermath of the massive selloff. Because of this, the market looks likely to be difficult to hang onto for a significant amount of time.
Bitcoin Gold has initially tried to rally during the week but has turned around to form a bit of a shooting star. There is a hammer that sits just below though, so I think that the market is going to continue to be difficult, and longer-term traders are going to have a hard time getting involved in this market with a large amount of capital. Ultimately, I think that the $100 level underneath will be supportive, but I also recognize that the $150 level above should be resistive.
The DASH market initially tried to rally during the week, but struggled at the $800 level, an area that has been important in the past. We turned around to form a shooting star, and that of course is a negative sign. The Bitcoin markets are starting to roll over, that has a lot influence on these other crypto currencies, and of course DASH is no different. I believe that the market is going to continue to consolidate between $800 on the top, and $400 on the bottom.
The Monero market initially tried to rally during the week as well, but just like Bitcoin, we rolled over to form a shooting star. The markets continue to see the $325 level as a bit too expensive, and therefore it makes sense to see this happen. Ultimately, I think that the market continues to struggle, and it’s not until Bitcoin rallies that I think that the Monero markets can continue to show signs of strength.
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.