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Bitcoin Gold DASH and Monero forecast for the week of January 2, 2018, Technical Analysis
Updated: Dec 30, 2017, 07:12 GMT+00:00
The “other 3” crypto currencies that we follow here at FX Empire have had relatively quiet weeks, but that’s not surprising considering we are between Christmas and New Year’s. With that being the case, it’s likely that we will see volume return by the end of the week, and it could change things going forward.
Bitcoin Gold
Bitcoin Gold had a very choppy and undecided week. The previous week formed a massive shooting star which of course concerns me, and I think at this point it’s likely we made visit the $200 level underneath. That’s an area that should be supportive, and I think we could find buyers in that area. I also recognize that the $300 level above as massive resistance, so I think it’s could be difficult to trade this market from the longer-term, unless of course you look for short-term dips to buy-and-hold, but you need to be able to deal with what is going to be very choppy market.
DASH
DASH had a back and forth week during the last several sessions as well, forming a neutral candle. It looks as if the area around $1000 underneath is going to continue to be supportive, just as the $1200 level above is going to be resistance. If we can break above the top of the candle, that would be very bullish, but the previous candle was a massive shooting star, so I think we are probably going to see a reasonable pullback that we can take advantage of. I would be interested in buying nearly $800 level, if not the $600 level from a longer-term standpoint. Short-term trading of course is a different story, but at the end of the day I think that this market is in a bullish trend, so therefore I prefer to buy at value levels.
Monero
The Monero markets were very quiet during the week, reaching above the $400 level, but then pulled back a bit. The $300 level underneath continues to be support, but as you can see from the previous candle, we had dipped to the $150 level underneath. I think that the market could revisit that level without much in the way of concern. Dips offer buying opportunities, giving us an opportunity to pick up value and hang on to the trade for the longer-term. I believe that Monero will eventually go looking towards the $500 handle above, especially once the significant volume returns to the market.
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About the Author
Christopher Lewisauthor
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.
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