Alt coins continue to dance around during Wednesday sessionAlt coins were a bit mixed during the trading session on Wednesday, which of course makes but a bit sense as bitcoin was negative while Ethereum seem to be a bit more stable. This gives mixed signals to those playing these less liquid coins, and therefore erratic behavior becomes the norm.
Bitcoin Gold fell significantly during the trading session on Wednesday to start the day but found enough support near the $54 level to turn around and rally towards $56.50. We are starting a rollover again though, and I think that is going to continue to be the theme, sell the rallies. I think that this market has a lot of bearish pressure and it, and with alt coins it’s typical to not be able to rally until we get some type of strength in either Bitcoin or Ethereum, which isn’t the case currently.
The DASH market fell rather hard at the open on Wednesday, reaching towards the $400 level before bouncing. We reached towards the $420 level which was the previous support level, so it looks as if that area is trying to hold as resistance. If it does, the market is very likely to continue to go lower, perhaps reaching towards the $375 level again. The alternate scenario is that we grind towards the $450 level, which clearing that level would be a very strong sign. Right now though, it looks as if we are much more likely to see lower prices than higher.
Monero has fallen rather hard at the open as well but did recover quite a bit to reach towards the $200 level as I record this video. It’s likely that we could see a scenario where the $192 level offers a bit of a “double bottom” in the short term, but it must be said that we have fallen rather precipitously over the last couple of days. With the major coins struggling, Monero will have trouble keeping traction.