In general, the “other 3” crypto currencies that we follow have performed reasonably well during Monday trading, and it looks as if the buyers are returning to pick up crypto currencies in general as most headlines have been focused on Bitcoin trading on Chicago futures exchanges.
Bitcoin Gold rallied significantly during the trading session on Monday, breaking above the $250 level, and reaching as high as $280, before pulling back down to the $250 level. Ultimately, this is a market that I think is trying to break towards the $280 level again, perhaps even the $300 level next. These dips offer value, in a market it appears to be changing the short-term trend back to the upside after selling off significantly during the previous week. The impulsivity was also accompanied by massive bullish volume, which of course helps.
DASH continues to rally during the Monday session, as we make our way towards the $760 level again. I think there is significant resistance going to the $800 level, so I’m a bit hesitant to buy in this area, but when I look at the one-hour chart it seems that we are trying to form a large “W pattern”, which of course is a very bullish sign. If we were to break above the $800 level, then I think it becomes more of a “buy-and-hold” market. Pullbacks could be nice buying opportunities in small increments, as the volatility of choppiness will continue. However, if you get the opportunity to build up a larger position in anticipation of a breakout to the upside, it could be very profitable. The measured move on a breakout above $800 should send this market looking for $1000 next.
Monero markets rallied a bit during the trading session on Monday, reaching towards the $270 level. We pulled back slightly, and it now looks as if we’re trying to build up enough momentum to finally break out to the upside again. However, I think the true measure of a continuation of the uptrend is breaking above the $300 level. So, at this point, I much more comfortable buying short-term pullbacks as an opportunity to build up a longer-term position. In the meantime, I think that the market continues to be very noisy, and Monero is probably going to be best as one of your smaller positions in your crypto currency portfolio. I see a “floor” in the market near the $215 handle.
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.