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BTG/USD, DASH USD, and XMR USD Price Forecast for the Week of January 22, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Jan 21, 2018, 08:59 GMT+00:00

The “other 3” crypto currencies that we follow here at FX Empire have had rough weeks as well, and I think that we will continue to see a lot of noise.

BTG/USD weekly chart, January 22, 2018

BTG/USD

Bitcoin Gold traders went back and forth during the week, but most importantly broke down below massive support at one point. I think that the $200 level is going to continue to be an area that should offer support and I think at that point it’s likely that you will see a lot of noise in general. I think that longer-term trading in Bitcoin Gold is almost pointless, as you can see we have obviously been very range bound. Short-term traders continue to like this market, but beyond that it would be difficult to buy-and-hold.

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BTG/USD weekly chart, January 22, 2018
BTG/USD weekly chart, January 22, 2018

DASH/USD

DASH traders broke down significantly below the $800 level during the week, reaching as low as the $600 level before bouncing again. The recovery was quite impressive, except that it was not accompanied by volume, one of the most important things that you can see. I think if we break down below the $800 level, the market then goes down to the $600 level next. If we break down below there, the market probably goes to the $400 level. Alternately, if we do rally, we go to the $1000 level. However, I anticipate that the lack of volume will work in favor of the sellers.

DASH/USD weekly chart, January 22, 2018
DASH/USD weekly chart, January 22, 2018

XMR/USD

Monero also broke down significantly during the week, but has bounced significantly from the $240 level to close above the $300 level. Volume continues to be an issue in the crypto currency markets, so I’m not quick to start buying. I think the market continues to go back and forth and I think it still has major potential to break down rather rapidly as we have seen. I think the markets are at an interesting point now, as we had been rallying almost without exception, and now there seems to be a fight. The markets continue to be very noisy, so therefore if you choose to trade Monero, you should probably do so from the short-term charts.

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Monero/USD weekly Chart, January 22, 2018
Monero/USD weekly Chart, January 22, 2018

BTG/USD DASH USD and XMR USD Video 22.01.18

About the Author

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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