The “alt coins” all had a strong session on Wednesday, as Bitcoin and Ethereum took off. These markets tend to be very reactive, so it’s not a huge surprise that they rallied. With less volume, they do tend to move quicker, but they are heavily reliant on what goes on in the major coins.
Bitcoin Gold rally during the session, breaking towards the $130 level. Volume did pick up a little bit so that’s a good sign, if we can clear the $140 level we will open the door to the $150 level next. Breaking above there on volume could send this market much higher. In the meantime, it looks as if it is a buy on the dips scenario.
DASH traders rallied significantly during the trading session on Tuesday, breaking towards the $675 level. A clearance of this area, and perhaps even the $700 level should send this market much higher. It would confirm a bit of a bottoming pattern, as volume is picking up. At this point, I say odds probably favor this move and $800 will almost certainly be targeted. At that point, I would expect a lot of noise, so I would not anticipate that DASH will sliced through $800 so quickly. We will probably need to have several attempts before breaking out above that level.
Monero traders rally during the day as well, gaining over 10% as I record this video. It looks as if the market is ready to reach towards the $275 level, and then by extension the $300 level. It now looks as if the $225 level is going to offer a “floor” in the market. We are bit overbought, so a pullback would make sense, but I think that pullbacks will only offer buying opportunities for those who are patient enough. Volume has picked up a bit, which has been anemic in the Monero markets as of late.
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.