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Alt coins fall yet again on Monday

By:
Christopher Lewis
Updated: May 29, 2018, 04:28 UTC

The alt coins all fell significantly during the day on Monday again, as we continue to see a lot of negativity in these markets. If Bitcoin and Ethereum can’t find some type of traction, there’s no way that these alt coins can pick up some type of momentum.

Alt Coins daily chart, May 29, 2018

BTG/USD

Bitcoin Gold fell again during the session on Monday as major crypto currencies can’t pick up the feet. As long as that’s going to be the case, these coins are going to be dead in the water. The Bitcoin Gold markets finding more bearish pressure to break down below the $45 level again tells me that the market is ready to reach towards $40, and then perhaps even lower than that. It’s very likely that Bitcoin continues to fall going forward based upon the technical structure of the market, so this market will do the same.

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DASH/USD

The DASH market also fell, as the $320 level continues offer resistance. The $300 level underneath is support, and of course a large, round, psychologically significant number. Selling rallies will continue to be the way going forward, but we will get some volatility and of course correlation to the major currencies. I believe that this market is going to go much lower.

XMR/USD

Monero markets also fell significantly during the day, as the $170 level has offered resistance. We have reached towards the $155 handle underneath, which is the beginning of psychological support near the $150 level. Quite frankly, Monero is a market that should continue to be negative, as the US dollar is one of the strongest fiat currencies in the world, but ultimately I think crypto currencies have major issues all around. There is a lot of chaos when it comes to this sector, and I think that’s only going to get worse.

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BTG/USD DASH USD and XMR USD Video 29.05.18

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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