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Bitcoin Gold DASH and Monero Price Forecast January 5, 2018, Technical Analysis
Updated: Jan 5, 2018, 08:20 GMT+00:00
The “other 3” crypto currencies that we follow here at FX Empire have been very volatile, but as we head into the jobs number today, we could get a little bit of certainty.
Bitcoin Gold
The BTG/USD pair drifted a bit lower during the last couple of sessions, but I think there is a significant amount of support near the $200 level underneath. The $300 level above is the absolute “ceiling” in the market, so I think that going back and forth is probably what we’re going to continue to see. However, if the US dollar moves significantly in the Forex markets, it will move the crypto currency markets as well. I think Bitcoin Gold is essentially a victim of Bitcoin, which has gone nowhere recently. In general, more back and forth trading and a range bound trading system should continue to be the way going forward.
DASH
DASH/USD pulled back during the trading session on Thursday, but we are still within the overall downtrend in channel, and I think that is the biggest driver. The downtrend in line at the top of the channel could be important. If we break above the $1200 level, the market goes much higher. However, I think the $1000 level underneath is support, and if we can break down below the $1000 level, the market probably goes looking towards the $850 level. Overall though, I think that we will probably stay within the range that makes up the downtrend in channel, so pay attention if we get some type of exhaustion above, that could be a short-term selling opportunity. If we were to break above the $1200 level, the market probably goes to the $1400 level after that.
Monero
XMR/USD fell significantly during the trading session on Thursday, slicing through an uptrend line on the hourly chart. Because of this, I think that we may continue to see a bit of selling pressure as Monero may have gotten ahead of itself. $400 above obviously is massive resistance, so I think we’re going to go lower to look for some type of floor in the market, in the form of value. I think that the overall range between $300 on the bottom and the $400 level on the top continues to be the story here, so short-term I suspect that the sellers will get involved and push lower.
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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