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Alt coins drift slightly lower on Monday

By:
Christopher Lewis
Updated: May 22, 2018, 04:35 UTC

Alt coin markets drifted a little bit lower during the day on Monday, as the major crypto currencies have also struggled to find a bit of footing. Not necessarily a major move lower, but certainly more weakness has been shown.

Alt Coins daily chart, May 22, 2018

BTG/USD

Bitcoin Gold fell a bit during the trading session on Monday, reaching down towards the $54 level. We have bounced slightly from there, but I believe that there is still plenty of resistance above, especially near the $60 level. Because of this, I am very hesitant to buy this market, so I am essentially waiting for some type of exhaustive candle to take advantage of and start shorting. Ultimately, this is a market that I think will continue to show an interest to reach towards the $50 level.

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DASH/USD

DASH initially tried to rally during the day on Monday but found enough resistance of the $410 level to turn around and fall below the $400 level as well. I believe that there is a significant amount of support near the $380 level, but ultimately this is a market that I think needs to grind a bit before we can put serious money to work. I suspect that we will get a back-and-forth type of sideways market in the meantime. I believe that the stochastic oscillator might be one of the better indicators the use to determine when to buy and sell between these various levels.

XMR/USD

Monero fell during the day on Monday, breaking below the $200 level before reaching down to the $190 level. If we break down below there, the market will more than likely reach towards the $188 level next. This is a market that is failing at previous support, showing signs of resistance. Ultimately, if we can break above the $208 level, then the market could go to $216 after that.

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BTG/USD DASH USD and XMR USD Video 22.05.18

About the Author

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.

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