Alt coins collapse on Monday morningThe crypto currency markets got slaughtered during the beginning of the week, as we have had increased government interference with exchanges. As the Bitcoin and Ethereum markets fell apart, the smaller markets of course did the same thing. That being the case, it’s not a surprise that there is no hope of this market turning around in the short term.
Bitcoin Gold fell hard during the day on Monday, slicing through the $40 level. As we break that important level, it shows that we are certainly showing even more bearish pressure, and I believe at this point Bitcoin Gold could very well find its way down to zero dollars, over the longer-term. The $40 level above should now offer plenty of resistance as it was so important in the past.
The DASH market broke down as well, slicing below the $300 level will be the weekend. We have now made a fresh new low, and that of course is a very negative sign. At this point, I suspect that the next target is probably going to be the $250 level, with the $300 level above being significant resistance going forward. I have no interest in trying to buy this market, because quite frankly if the major coins can’t rally, there’s no reason to think that the minor ones will.
Monero, being one of the major underperformers when it comes to the alt coins, of course ended up following the other currencies to the downside. The market is well below the $150 level, an area that previously had been support. Now that we are below there, I think that we are very likely to go down to the $125 level and below. At this point, it’s difficult to imagine buying any of these markets.