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Bitcoin Gold DASH and Monero Price Forecast January 9, 2018, Technical Analysis
Updated: Jan 9, 2018, 03:16 GMT+00:00
The “other 3” digital currencies that we follow have all been very negative during the day, as the US dollar has struggled against so many other commodities and currencies. As this has been a “risk off” situation during the day, it makes sense that the crypto currency markets have reflected this as well.
Bitcoin Gold
Bitcoin Gold fell a bit during the trading session on Monday, reaching towards the $220 level underneath. The market has been very volatile, bouncing around between the $200 level on the bottom, and the $300 level on the top. I think that continues to be the case, and as we are reaching towards the bottom of the overall range, it makes sense that we will eventually find buyers to get involved and push to the upside.
DASH
DASH traders sold during the day as well, as the US dollar has been strengthening in general. The $1000 level was tested, a large, round, psychologically significant number. I think that the market should continue to be very noisy, but it’s only a matter of time before we reach towards the $1200 level again from what I see. We have been very sudden in our selling, but it looks as I record this that the buyers are being equally stringent. The $1000 level of course has a lot of psychological significance. Above, I see the $1200 level as resistance that extends to the $1300 level, meaning that these pullbacks are probably necessary to finally break out above that level and continue a “buy-and-hold” scenario.
Monero
Monero traders sold off significantly during the trading session, testing the $350 level where we had found buyers. The market continues to be very noisy, and I think that it’s only a matter of time before the buyers return. I think there is massive support down at the $300 level as well, so I don’t have any interest in shorting, I’m just waiting to see the market bounced enough to entice me to start adding slowly to a position that could eventually break above the $420 handle which was the most recent highs. With that in mind, it’s likely that the market will continue to be very noisy, but will probably trade with the overall dollar bias that is seen in the Forex markets, and more importantly: the US Dollar Index. Pay attention to those markets, and with the US dollars going, and should give you an idea as to where the Monero market goes.
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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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