Alt Coins struggle again on Monday as traders return to work
The alt coin market continues to be negative overall, as we have seen crypto currencies fall in general. Because of this, I believe that the three minor coins will continue to be influenced heavily by both Ethereum and Bitcoin. Ethereum had recently been leading the charge higher, but we have seen a lot of negativity recently.
BTG/USD
Bitcoin Gold fell initially during the day on Friday, reaching down towards the $55.50 level. This is an area that has offered a lot of support, but the overall trend is most certainly negative in the Bitcoin Gold markets. I believe the market will continue to be negative overall, with $60 above offering a significant amount of resistance. If we can break above the $60 level, we could then go to the $65 level. However, I think we are much more likely to see a move towards $50 underneath.
DASH/USD
The Dash markets also struggled significantly at the open, as we continue to turn around and dance near the $400 level. Market participants continue to look at $400 as a potential fulcrum for price, and I believe that we will continue to see more of a back-and-forth type of situation than anything else. If we break down below the $380 level, the market could very well reach towards the $350 level underneath. I believe we will continue to see a significant amount of noise regardless.
XMR/USD
Monero fell initially during the session on Monday as well, as we seem to be attracted to the $200 level. Currently, I believe that this market will continue to go back and forth overall, but if we break down below the $192 level, we are likely to go much lower, perhaps down to the $175 level. At this point, I suspect that rallies are selling opportunities.
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