Alt coins continue to react in high correlation to Bitcoin and Ethereum, rallying as they do. The market has resistance to worry about above though, so I think it’s only a matter of time before sellers could come back.
Bitcoin Gold rallied a bit during the day, gaining 9% as the Americans came on board. However, there’s a lot of resistance to be found near the $50 level. That should be rather significant, based not only upon previous support, and of course the psychological importance of the $50 level. I think that we will eventually see exhaustion that we can take advantage of, as there is a thick resistance barrier extending from $50 to the $55 level above.
The DASH market rallied during the trading session on Tuesday, reaching towards the $335 level. There is a significant amount of resistance between there and the $350 level, and I think it’s only a matter of time before exhaustion comes back into play, so that’s exactly what I’m looking for, exhaustion. I would be a seller of that exhaustion as soon as it appears, looking to roll over and reach towards the $300 level. If we break above the $350 level, we could go to the $400 level, but that’s very unlikely as crypto currencies continue to look soft, and DASH shouldn’t be any different.
Monero markets rallied as well, reaching towards the $190 level, but I think that the reach of this market won’t extend above $200. If we get some type of exhaustion, we could be rolling over rather rapidly. However, if we were to break above the $215 level, the market could go much higher, perhaps reaching towards the $250 level after that. I anticipate a lot of noise regardless.
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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.