The alt coins were relatively quiet during trading on Tuesday, just as a theory was. This was in sharp contrast to the Bitcoin markets, which was a bit odd. I believe that we may have some catching up to do in these markets though, so opportunity could present itself.
Bitcoin Gold markets went sideways during the trading session on Tuesday, drifting just a bit lower. I think that with Bitcoin rally in the way it has, Bitcoin Gold should follow. The $150 level above is resistance, and of course the target in the short term. If we can break above the $150 level, the market is free to go much higher, perhaps $175 level next. In the meantime, I think that the 125 level is going to offer a bit of a “floor” in the market.
DASH traders went sideways during the trading session on Tuesday, hanging around the $725 level. Ultimately, it looks as if the $750 level above is significant resistance, but I think the market is trying to build up enough momentum to finally break out above there. If we can clear the $750 level, the market should then go looking towards the $800 level. The $670 level underneath has offered support more than once, and I think it will continue to do so. Buying on the dips and building up a position is what I am thinking that professional traders are doing currently. Anecdotally, I have had several conversations with large firms that are trying to build up the crypto currency portfolio after the recent selloff.
Monero was quiet as well, hanging about the $315 level. I believe that the $325 level above is resistance, but the lack of volume in this market tells me that Monero probably has a lot of sideways action ahead of it. If we can break above the $330 level, then we are free to go to the $350 level. In the meantime, I suspect that there is more value in more momentum to be found in other digital currencies.
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.