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Alt coins rally significantly during Thursday

By:
Christopher Lewis
Updated: Apr 20, 2018, 05:07 UTC

With the Bitcoin and the Ethereum markets showing signs of stability and strength of course during Wednesday and Thursday, so I think that the market should continue to favor alt coins going higher as they are so highly influenced by both Bitcoin and Ethereum.

Alt Coins daily chart, April 20, 2018

BTG/USD

Bitcoin Gold initially pulled back during the trading session on Thursday but found enough support near the $55 level to turn around and go higher. The market looks likely to go to the $60 level next, as it is the next large, round, psychologically significant figure. We are up over 3.5% as I record this video, which of course is a good sign and it shows that the influence from both Ethereum and Bitcoin continues to be healthy.

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DASH/USD

The DASH market pulled back initially during the trading session on Thursday, reaching towards the $405 level. We have bounce from there, and it looks like the $400 level underneath that area is massive support. That was previous resistance, and I think that it is likely that we will continue to see buyers jumping into this market, perhaps reaching towards the $450 level, or perhaps the $500 level after that. If we break down below the $400 level, I see a massive amount of support extending down to the $350 level. This is a market that continues to look strong, so I like buying these pullbacks as an opportunity to pick up value.

XMR/USD

Monero markets pulled back initially during the day on Thursday just as the DASH market did, but also rallied in a similar situation. It looks as if we’re going to go looking towards the $240 level, and of course the $200 level underneath is the massive “floor” in the market. I like the idea of buying this market on short-term pullbacks, as it looks like we are heading towards higher levels.

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BTG/USD DASH USD and XMR USD Video 20.04.18

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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