During trading on Thursday, the so-called “alt coins” rolled over again, losing for the 3rd day in a row. It looks as if the larger crypto currencies are starting to fall apart again and roll over from the most significant resistance it has seen since the crash.
Bitcoin Gold fell a bit during the trading session on Thursday, as we reach towards the $100 level. It looks as if we are going to break down below the $100 level and reach towards $80 at this point, perhaps even lower. At this point, Bitcoin Gold is showing itself as a market you should be shorting, not buying. If Bitcoin and Ethereum continue to fall, it will obliterate this pair.
The DASH/USD pair fell after initially tried to rally on Thursday, breaking down to the $600 level. It looks as if we are going to break down below $600, perhaps reaching to the $500 level. I believe that the market has a lot of resistance above, and it’s only a matter of time before the DASH market falls apart. A rising US dollar could exacerbate this problem.
Thursday, cracking through the $275 level and breaking the back of support on the last week or so. If we can continue this move, we will almost certainly reach towards the $240. Ultimately, it looks as if Monero is going to break down rather significantly, so this has become a selling opportunity from what I see, ultimately, I believe that the Monero markets are reaching down towards the $240 level, perhaps even lower than that. At this point, I see no argument for buying, least not until we break above the $350 level, something that doesn’t look very likely to happen in the short term.
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.