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Bitcoin Gold DASH and Monero Price Forecast January 15, 2018, Technical Analysis
Updated: Jan 13, 2018, 03:01 GMT+00:00
The “other 3” crypto currencies that we follow at the FX Empire offices all have been a bit noisy as of late, and it looks very likely to continue to be the case going forward.
Bitcoin Gold
Bitcoin Gold traders went back and forth on Friday, breaking above the $220 level at one point, but then pulled back to find support below. I think the market may try to rally from here, but longer-term Bitcoin Gold has me a bit concerned as volume has been dipping rather drastically. I believe that the market participants will continue to favor buying this market in the short term, but longer-term I would be very cautious. I think that any rally at this point will probably go looking towards the $240 level, but getting above there is probably going to be difficult to continue.
DASH/USD
DASH continues to be reasonably quiet near the $1000 level, an area that has offered a bit of support. I think that support extends down to the $950 level, just as I seen a significant amount of resistance above current levels. The markets continue to be very limp at the moment, as volume has been dropping, so quite frankly I feel it’s easier to short this market on rallies, for small moves. The market seemed to be very tight and difficult to trade for a large move. Ultimately, if we can break down below the $950 level, the market should go much lower. Otherwise, look for a lot of back and forth noisy trading.
Monero
Monero traders rallied a bit during the trading session on Friday, reaching towards the $380 level. However, towards the end of the day it looks likely that we are going to roll over and reach towards the $360 level underneath. The market is crossing over on the stochastic oscillator on the hourly chart, so I think it’s reason enough to think that profit-taking is occurring, and we will probably fall towards the $350 level next. Currently, looks as if the $400 level above is massive resistance, and I don’t think that’s going to change anytime soon. Monero looks a bit suspicious, as do most alt coins around the crypto currency space.
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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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