Alt Coins rally then pull back during Tuesday sessionThe alt coins that I follow here at FX Empire have all rallied initially during trading on Tuesday, but then pulled back to look for support after a breakout. Remember, these coins almost always follow the majors, specifically Ethereum and Bitcoin.
Bitcoin Gold rallied a bit during the early part of the session on Tuesday, reaching towards the $65 level. We did pull back a bit though, and now I believe that Bitcoin Gold will go looking at the $60 level as a potential support level. I believe that the market holding at that level should continue to bring in more buyers. However, pay attention the Bitcoin itself, as it will almost certainly drive where these coins go.
The DASH market rallied again during the day on Tuesday, reaching towards the $450 level, and breaking above it slightly even. Because of this, we have seen a bit of resistance, and also a bit of a pullback. I believe that the market will more than likely find buyers underneath, extending down to at least the $425 level. The alternate scenario is that we break above the $460 handle, which would free buyers to jump into this market hand over fist as well.
Monero rallied a bit during the day as well but found enough resistance of the $220 level to pullback to $212 before bouncing again. Ultimately, I believe that the market is going to go looking towards the $225 handle bone, which has been important more than once. Currently, it looks as if the $200 level underneath is the overall “floor” in the market, and I think that pullbacks towards that region will probably attract money, especially if Bitcoin can break above the $9000 level. I believe that the market does have a slightly upward bias to it, at least for now.