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Alt Coins rally during Friday session

By:
Christopher Lewis
Updated: Apr 21, 2018, 08:43 UTC

With both Ethereum and Bitcoin rallying over the last several sessions, we are seeing the alt coins do very much the same. I believe that this market is starting to attract more “hot money”, as traders start to look for higher returns.

Alt Coins daily chart, April 23, 2018

BTG/USD

Bitcoin Gold rallied significantly during the trading session on Friday, gaining over 6% and clearing the $63 level. However, we are bit overextended, so we could get a bit of a pullback. That pullback should be a buying opportunity, somewhere near the $60 level. I think that the market is starting to break out to the oversight, so given enough time I think that the buyers will continue to look for value at lower levels and short-term bounces. I suspect that longer-term we will probably go looking towards the $100 level, but that’s obviously a long-term call.

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DASH/USD

The DASH market has rallied a bit during the session on Friday as well, in a nice and gentle uptrend. This is probably more sustainable than Bitcoin Gold, as the 20 SMA on the hourly chart has acted quite reliably for buyers. The $400 level underneath is the “floor” in the market, and I suspect that we will not breakdown below there. Ultimately, if we can reach towards the $450 level above, there could be a bit of resistance there as well, but we should continue to go higher than that level. Ultimately, I believe that the DASH market is forming a nice uptrend.

XMR/USD

Monero markets went sideways during the trading session on Friday initially before rallying again. We had cleared the $250 level to show signs of life again. Ultimately, the market should then go to the $300 level. I look at dips as buying opportunities in the alt coins now that both Bitcoin and Ethereum are starting to show signs of life again.

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BTG/USD DASH USD and XMR USD Video 23.04.18

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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