Alt Coins Price Forecast March 16, 2018, Technical Analysis

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Updated: Mar 16, 2018, 05:58 UTC

Alt coins continue to be noisy, but during the trading session on Thursday we had a bullish run after initially dropping. I think that we ended up forming a nice fractal that the market may pay attention to but paying attention to the major currencies is going to be the way to go.

BTG/USD

Bitcoin Gold has dropped a bit during the trading session, reaching down towards the $60 level before bouncing. Now that we have turned around to show signs of life, I think we could bounce from here, especially if Bitcoin and Ethereum bounce as well. I think this is a short-term phenomenon though, and the easier trade is to wait for a selling opportunity on signs of exhaustion. If you are short-term trader, you may be a bit of make a little bit of a gain in this area, but I would also say that if we break out to a fresh, new low, the games over.

BTG/USD DASH USD and XMR USD Video 16.03.18

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DASH/USD

DASH traders initially sold off during the trading session on Thursday but found enough support just below the $400 level to cause the market to form a bit of a hammer on the daily chart. We haven’t close out the day yet, but this certainly shows that we are looking to bounce from here. Quite frankly, that’s not a huge surprise considering that we have sold off so hard, and I think it’s only a matter of time before the sellers return. I would anticipate the $500 level above to be massive resistance, so short-term rallies might offer a short-term buying opportunity, but in the end, I think it’s better to be sellers.

XMR/USD

Monero has done the same as the other alt coins that I follow, but if we can break above the $225 level, I think we could go to $250 above. Any signs of exhaustion above would be a selling opportunity just as it is in the other alt coins, but I would also be massively short of this market we made a fresh, new low.

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About the Author

Christopher Lewisauthor

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.