Bitcoin Gold DASH and Monero Price Analysis December 5, 2017, Technical Analysis

Bitcoin Gold

Bitcoin Gold has calmed back down after a significant noise over the weekend. We currently find the $300 level as support, but are forming a bit of a descending triangle, which if broken could send this market down to the $260 level, an area of significant support as of last week. Because of this, I suspect that we may see a bit of selling pressure, but if we can break above the $320 level, then the buyers will go looking towards the $340 level after that. Regardless, I think that Bitcoin Gold will of course react to the rest of the crypto currency world, with of course Bitcoin being the most important market that leads the rest of them.

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BTG/USD DASH USD and XMR USD Video 05.12.17

DASH/USD

DASH continues to be choppy as well, as the $740 level has been offering a bit of support. I look at this chart and suggest that the $670 level is massive support as well. I believe that a market move lower would more than likely be an opportunity to find buyers in that region. The market has been very bullish over the longer term, and I think that this recent sideways action is healthy as we cannot go in one direction forever. Buying on the dips probably continues to be the longer-term strategy of most traders, and of course it looks as if the $800 level above has been a bit of resistance that makes structural and a psychological sense.

Monero

Monero continues to be noisy as well, with the $190 level offer support. But just like the Bitcoin Gold market, it looks like we are trying to form some type of descending triangle. A descending triangle being a negative sign, suggests to me that we could get a bit of a pullback but I don’t think it’s going to be much further than the 180 handle below, which should be supportive. That area should be a nice buying opportunity, and as the 20 SMA has started turned lower, suggesting that we will find value below, and perhaps get an opportunity to pick up Monero “on the cheap.” The $210 level above continues to be resistive, so if we can break above there I think that the market is free to be more of a “buy-and-hold” opportunity. I believe in general crypto currencies will find buyers, but we may be a bit overextended in general, which has a bit of a knock on effect in all pairs. We need to see Bitcoin pick up momentum for Monero to do the same. Right now, I think the market is just simply trying to catch its collective breath as there has been so much psychological energy spent on Bitcoin breaking above the $10,000 handle. While Monero is its own coin, at the end of the day they all follow Bitcoin.

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