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Alt Coins rally during the week as crypto currency markets look healthier

By:
Christopher Lewis
Updated: Apr 14, 2018, 05:21 UTC

The alt coins that we follow here at FX Empire all gained during the week, as both Bitcoin and Ethereum rallied. That tends to have a bit of a “knock on effect” in these markets, so it makes sense.

Alt Coins weekly chart, April 16, 2018

BTG/USD

Bitcoin Gold rallied a bit during the week, breaking above the $47 level on Friday. Out of the 3 alt coins that I follow here at FX Empire, this is the least exciting one, but it does look as if it will continue to follow Bitcoin and Ethereum to the upside. However, Bitcoin Gold has lacked the momentum that so many of the other currencies have. Currently, I think that the $50 level will cause a bit of resistance, but a break above there could open the market to the $70 handle.

DASH/USD

The DASH market initially pulled back during the week but found enough support at the $300 level to rally towards the $400 level. There is a shooting star from 3 weeks ago though, but when you look at this chart, it also looks almost identical to Bitcoin and Ethereum, meaning that they are trading in lockstep as per usual. The $300 level underneath should continue to be support, but if we can break above the $500 level, it’s likely that the Dash market will continue to rally for the longer-term move. It does look like we are trying to form some type of base in most crypto currency markets, but these tend to take a long time to work themselves out.

XMR/USD

Monero markets pulled back slightly during the week, but then rallied enough to touch the $200 region. There is a shooting star from 3 weeks ago that extends to the $240 level, so I think if we can break above that, the market will be free to go much higher, perhaps even as high as $360. I suspect that it will be a lot of sideways grinding trade over the next week.

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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