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Alt Coins Price Forecast February 21, 2018, Technical Analysis
Updated: Feb 21, 2018, 05:13 GMT+00:00
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.
BTG/USD
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.
BTG/USD DASH USD and XMR USD Video 21.02.18
DASH/USD
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.
XMR/USD
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.
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About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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