Alt Coins rally during the Wednesday sessionThe alt coins rallied a bit during the Wednesday session, as both Bitcoin and Ethereum found a bit of a reprieve. Because of this, it looks as if we are trying to at least show the signs of a potential bottoming pattern. However, it still early in the game.
Bitcoin Gold initially went sideways on Wednesday but then broke above the $42 level. By doing so, it is showing signs of life again, and it’s likely that we could continue to go higher, if we can break above the $44 level. Once we do, the market is likely to go towards the $48 level above, perhaps even $50. In the meantime, it’s likely that we will get short-term pullbacks, but it looks as if the $40 level is trying to offer significant support, something that I’ve not been able to save for some time.
DASH traders rallied a bit during the Wednesday session, reaching as high as $309 before pulling back. However, there seems to be a lot of interest in DASH near the $300 level, so I think we could get a bit of a bounce and a rally from here. I anticipate that the $320 level is going to be significant resistance though, so I’m not looking for a major move, simply a return to test that area that had been so important in the past.
Monero traders were also slightly bullish during the day on Wednesday, breaking towards the $170 level before rolling over and showing signs of support again at the $165 level. If we can break down below there, the market could go to the $160 level, which is even more support. Monero is lagging the other alt coins, so out of the 3 that we follow here at FX Empire, this is my least favorite one right now.