Alt Coins continue to sell off during the weekThe alt coins continue to sell off during the week, as we continue to see softness in the minor coins as far as crypto currencies are concerned. Until Bitcoin and Ethereum can pick up the momentum, these coins will also struggle, as the liquidity just isn’t there.
Bitcoin Gold fell slightly during the week, as the $50 level continues to be too much to overcome. I think that if we break down below the $40 level, the market could unwind rather drastically, and at that point I don’t even have a target as we could fall the way down to zero dollars in theory. There is no support underneath, so I would anticipate that the unwind could be rather drastic. Pay attention to Bitcoin, it will lead the way.
The DASH market broke down during the week again, testing the bottom of the hammer from the previous week. If we break down below that level, or essentially the $300 level, then the market could unwind down to the $200 level. That’s an area that should be significant support, as it has been important in the past. I believe that is where we are going. It’s not until we break above the $600 level that we would make a “higher high”, which is needed for the longer-term trader to start to feel comfortable and invest.
Monero fell again during the week, testing towards the bottom of the hammer from the previous week. That hammer sits just above the $150 level, and if we can break down below there, the market unwinds rather drastically and breaks down structurally. We are very likely to see this given enough time, because not only have we been falling for some time, but we closed at the very bottom of the weekly candle.