Alt Coins Forecast February 22, 2018, Technical Analysis

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Updated: Feb 22, 2018, 05:03 UTC

The so-called “alt coins” were a bit soft during the trading session on Wednesday, as the major digital currencies also rolled over at the first signs of resistance. At this point, I think the market is trying to catch its breath before we make the next significant move.

BTG/USD

Bitcoin Gold markets rolled over a little bit during the trading session on Wednesday, as we continue to see the $150 level above offer significant resistance. I think that the markets also will probably go looking towards the $80 level if we continue to show signs of weakness. I think if we break above the $150 level could send this market towards the $200 level. Ultimately, I think that the markets will find plenty of reason to bounce around, but right now I just don’t see any sustainability in a trend.

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BTG/USD DASH USD and XMR USD Video 22.02.18

BTG/USD daily chart, February 22, 2018

DASH/USD

DASH markets were very interesting during the day as they up forming a relatively neutral candle. I believe that there is a significant amount of resistance extending to the $800 level, so it’s not until we break above there that I would consider buying. In the meantime, we could see a pullback, looking for $600 below to offer support. We had recently broken above a downtrend line, which of course is a good sign, but the rest of the crypto currency markets simply don’t look ready to go anywhere over the next several sessions. Because of this, I think DASH will probably be a little bit of a grind more than anything else.

DASH/USD daily chart, February 22, 2018

XMR/USD

The Monero markets also went back and forth during the trading session on Wednesday, as we have seen the smaller crypto currency markets get thrown around. Ultimately, I believe that the longer-term outlook for this market is choppiness and consolidation between the $325 level above, and the $275 level below.

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Monero/USD daily Chart, February 22, 2018

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.