Alt coins continue to bounce around on Thursday

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Updated: May 11, 2018, 05:08 UTC

The alt coins that I follow here at FX Empire continue to be very noisy, as they follow what goes on in the Bitcoin and Ethereum markets. Although both of the major coins rallied a bit, they weren’t strong rallies, so quite often that means that people were a bit skittish about putting money to work here.

BTG/USD

Bitcoin Gold drifted a bit lower during the trading session on Thursday, looking to build up enough momentum to reach towards the $70 level. If we can break above the $71 level, then I think that the market could continue the rally. So far, it looks as if the latest low is higher than the one before, so that is of course a good sign. Bitcoin and Ethereum both rallied slightly, so that should put upward pressure in this market, but it has not translated into much momentum quite yet, and we probably need to see the major coins rally significantly before momentum picks up here.

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DASH/USD

Dash markets rallied on Thursday, but then pulled back from the $460 level to reach towards $450 below, and then bounced again to reach higher. I think that we are trying to build up enough momentum to finally break above the $470 level, which opens the door to much higher pricing, with the obvious target of $500 being the focus. I think that short-term pullback should continue to see the support down to the $440 level, and therefore I think that buying on the dips still works quite well for this market.

XMR/USD

Monero rallied quite nicely during the day, reaching towards the $233 level. I think the $236 level above is still resistance, so we will probably continue to pull back to build the necessary momentum to break out to the upside. However, keep in mind that this market tends to be very erratic.

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BTG/USD DASH USD and XMR USD Video 11.05.18

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.