BTG/USD, DASH USD, and XMR USD Price forecast for the week of January 29, 2018, Technical Analysis

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Updated: Jan 27, 2018, 05:50 GMT+00:00

The alt coins all struggled this week, as we continue to see traders step away from crypto currencies. Another couple of hacks have been reported, and of course volume has dropped off. Until it does turn around volume wise, alt coins can be very difficult to deal with.

BTG/USD

Bitcoin Gold initially tried to rally during the week but found the area above $200 to be too much for buyers to overcome. We have broken down towards the $175 level, as the market looks very likely to continue to drop from here, reaching down towards the $150 level. Volume is dropping though, and that’s a very negative sign and I think that we will continue to see sellers in this market, as most people are willing to take their losses, or for a very fortunate few: take profits.

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BTG/USD DASH USD and XMR USD Video 29.01.18

BTG/USD weekly chart, January 29, 2018

Dash/USD

Dash traders sold off during the week, breaking below the $800 level, but we did see a bit of a reprieve towards the end of the week, forming a hammer. The hammer of course is a bullish sign, but we have a lack of volume. Having said that, there is more volume in the dash market, relatively speaking, then there is in many of the other crypto currencies. I suppose if I were to start buying crypto currencies now, this might be the place I start looking. $600 underneath should be supportive, but a break above the top of the candle could be a sign to start going long again.

DASH/USD weekly chart, January 29, 2018

XMR/USD

Monero has broken down towards the $300 level during the week and found a little bit of support underneath. Volume is very light though, so I don’t like the idea of buying Monero right now, but if volume picks up I might be convinced to start buying again.

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Monero/USD weekly Chart, January 29, 2018

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.