Alt coins fall again on Friday

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Updated: Jun 2, 2018, 06:12 UTC

Alt coins fall again on Friday, as per usual. The three alt coins that I follow here for FX Empire continue to fall longer-term, and it appears that we ran out of steam at the most recent attempt for a bullish move. I think at this point, it’s obvious that selling is the only thing you should be doing when it comes to these markets.

BTG/USD

Bitcoin Gold fell over 3% during the trading session on Friday as we returned to the longer-term downtrend. The market will continue to struggle overall, but that’s not a huge surprise considering that the major crypto currencies have been done that well longer-term either. Quite frankly, if you’re not can apply Bitcoin, why would you bother with Bitcoin Gold?

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DASH/USD

The DASH market continues to fall every time he tries to rally, reaching towards the $300 level again during the day on Friday. By doing so, it looks as if we are still susceptible to selling pressure and that the US dollar continue to strengthen in the currency markets won’t help the situation either. Because of this, I think that it is only a matter of time before we get some type of major move down from here, perhaps targeting the $280 level initially, and then possibly even as low as $200. It’s not until we break above $325 that I will entertain buying.

XMR/USD

Monero markets continue to be very negative overall, as we see very little in the way of reason to believe that the attitude of the market has changed. Because of this, expect a lot of back and forth trading with the downward proclivity. It looks as if the $150 level is going to offer support, so it may take several attempts to finally break down below there. I have no interest in buying Monero.

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BTG/USD DASH USD and XMR USD Video 04.06.18

About the Author

Christopher Lewisauthor

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.