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Alt Coins rally a bit on Friday as major coins do the same

By:
Christopher Lewis
Updated: Apr 14, 2018, 05:15 UTC

The alt coins rally during trading on Friday, as Ethereum and Bitcoin also rallied, causing a bit of bullish pressure in the crypto currency markets. Because of this, it looks as if we are starting to try to form some type of longer-term base, and these markets could be very interesting in the near term.

Alt Coins daily chart, April 16, 2018

BTG/USD

Bitcoin has rallied a bit during the trading session on Friday, breaking above the $48 level before finding resistance. By doing so, it looks as if were going to pull back a little bit to find a reason to go long. I think that if we can break out above the $50 level, the market should continue to go much higher. I believe there is support at $45 in the meantime, so pay attention to that level as I could give us an idea as to whether the breakout can hold.

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DASH/USD

The DASH market broke out to the upside during the session as well, touching $390. The market looks very likely to find buyers underneath though, especially near the $350 level. I think that if we can stay above that level, we will eventually reach towards the $400 level. If we can break above there, the market should then continue to go higher. I expect volatility, but it certainly looks as if the short-term charts are suggesting that we’re going to go higher. That means that we should continue to see a significant amount of “buy the dip” action.

XMR/USD

Monero rallied on Friday, breaking above the $200 level momentarily. There is a lot of support just below though, so I think that the buyers will probably return. This is an area that is going to be very noisy though, so keep that in mind as you buy this market.

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BTG/USD DASH USD and XMR USD Video 16.04.18

About the Author

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.

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