Bitcoin Gold DASH and Monero Analysis December 8, 2017, Technical Analysis

BTG/USD

The coin Gold rolled over again during the trading session on Thursday, as all eyes are on the original Bitcoin. Ultimately, the market looks as if it is ready to reach towards the $200 level underneath, and the potential trend line that we see in this area. If the US dollar strengthens after the jobs number, that would put downward pressure on the currencies in general, and this one, which already looks rather significantly week should get pummeled. On the other hand, if we were to turn around and break above the $270 level, that could have this market looking for the $300 level above which is the next resistance barrier. Either way, expect a lot of volatility around 8:30 AM Eastern standard Time.

BTG/USD DASH USD and XMR USD Video 08.12.17

DASH/USD

DASH continues to be nauseatingly volatile, reaching as low as $521 during the Thursday trading session, but also coming as close to $800 as the $798 level. There was a massive amount of volatility in the crypto currency space during the day, with some exchanges printing close to $20,000 per Bitcoin. I think we are getting into the mania phase and a potential “blow off top” in the Bitcoin space, and that will have a knock-on effect in other crypto currencies that have seen massive rises such as DASH. That’s not to say that there won’t be value afterwards, just that we need some creative destruction to continue the move to the upside. A break above the $800 level will be ignored until we can close above there on the daily chart, something we have not been able to do yet. I suspect that the $500 level will be massively supportive, extending down to the $480 level. In general, I look at pullbacks as potential buying opportunities but don’t be in a rush, let the market settle down before you start putting money to work and what has become a schizophrenic type of situation.

XMR/USD

Monero continues to be very noisy, reaching towards the $280 level during the day, but rolling over to form a shooting star. Volumes have dried up a bit, and with the sudden negativity in the crypto currency space after the explosion in Bitcoin, it makes sense that the smaller currency such as Monero may struggle. I suspect that a pullback to the $200 level is very likely, but quite frankly with other things going on in the crypto currency market, that’s barely worth being concerned about. With the jobs number today, we could get a significant move in the US dollar and that of course is part of the equation in this pair, so keep an eye on that.