The so-called “alt coins” had positive sessions during the trading session on Tuesday, showing signs of life yet again. It looks as if crypto currencies around the world are trying to form a base, and then break out to the upside. That will of course have an effect in this market as well.
Bitcoin Gold has rallied a bit during the trading session on Tuesday, reaching towards the $120 level. If we can break above the $125 level, I think that Bitcoin Gold will continue to go higher, perhaps reaching towards the $150 level after that. Short-term pullbacks should be buying opportunities, as I believe there is a massive amount of support at the $108 level.
DASH traders went back and forth during the trading session on Tuesday, as the $650 level has offered resistance. If we can break above that level, it’s likely that the market should continue to go higher, perhaps reaching towards the $750 level. I believe that the market has plenty of support underneath as well, and it looks likely that the $600 level could offer a bit of support. I also see support below at the $575 level, so therefore it’s likely that we continue to see a bit of a basing pattern. If we were to break down below the $570 level, that would be extraordinarily negative and send this market lower.
Monero rallied initially during the day on Tuesday, but as I record this we are giving back quite a bit of the gains. I think there is plenty of support below though, especially near the $280 level, an area that has previously been resistive. I think we are going to try to reach towards the $325 level above, an area that has been resistance more than once. Buying on the dips continues to be the way.
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.