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Alt Coins fall to begin the week

By:
Christopher Lewis
Updated: May 8, 2018, 04:50 UTC

Alt coins that we follow here at FX Empire have all fallen to begin the week, which makes sense considering the boat Bitcoin and Ethereum did as well. That tends to put bearish pressure on these smaller markets but can also turn things around rather quickly at the same time.

Alt Coins daily chart, May 08, 2018

BTG/USD

Bitcoin Gold fell 8% to open the week, reaching down towards the $70 level. That’s an area that was supportive, but I think if we can break down below the $68 level, the market is likely to go fishing towards the $60 level. Recently, we have broken through an uptrend line, but have been essentially consolidating between $70 on the bottom, and $80 on the top, which offers a nice short-term opportunity for those who are nimble.

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DASH/USD

The DASH market has been consolidating for some time, using the $440 level as support, and the $525 level as resistance. If we break down below the $440 level, I think the market probably unwinds to the $400 level. The $400 level has been important in the past, so I would expect to see some type of reaction in this area. If we were to break down below $400 level, then were probably looking at $350 level next. If we turn around and bounce towards the $475 level, I think we could go higher, perhaps reaching towards the $500 level.

XMR/USD

Monero markets drifted a bit lower as well, reaching towards the $225 level. I think that the market is getting ready to break down, and if we do break down below the $220 level, that should open the door to the $200 level rather quickly, and I would anticipate seeing a lot of support in that region. Alternately, if we rally from here I think we could eventually try to grind towards $250.

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BTG/USD DASH USD and XMR USD Video 08.05.18

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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