As the major crypto currencies continue to struggle, this has had a “knock on effect” on alt coins as per usual, as they cannot seem to get any type of footing. Because of this, one of the easiest trades has been to short alt coins overall.
Bitcoin Gold fell again during the day on Tuesday as we have made a fresh, new low now. Because of this, it looks like we will continue to go lower, perhaps reaching towards the $50 level. The $50 level of course will have a significant effect on the market as it is a large come around, psychologically significant number, and one that should attract a lot of attention.
The DASH market has also fallen during the day, testing the $370 level. On a break below that level, the market is very likely to go down to the $350 level underneath, which of course has a lot of psychological importance. I believe that the market will continue to find a lot of interest in that area, but if we were to break down below the $350 level, it would be very negative and could send this market much lower. At this point, it looks like the $400 level above is a bit of a short-term “ceiling” in the market as we have seen trouble more than once.
Monero has also fallen during the day, breaking down towards the $185 level, before finding a slight bounce. The market looks likely to try to bounce from here, but I think the sellers will become very active on any signs of strength, especially if there is any exhaustion. I believe that the market is more than likely going to go looking towards the $180 level, the $175 level, and then eventually the $150 level.
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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.