Bitcoin Gold DASH and Monero Price Analysis December 6, 2017, Technical Analysis

Bitcoin Gold

Bitcoin Gold rolled over during the trading session on Tuesday, reaching towards the $290 level. This area is rather supportive though, and extends down to the $280 handle. If we can break down below the $280 level, Bitcoin Gold should continue to be bearish and the short-term, but there is plenty of support below, especially near the $270 handle. Expect volatility, but we need to see a bullish break out in the Bitcoin market to transfer to buying pressure over here. Currently, looks as if the crypto currency space is a bit on hold. Although unfair, Bitcoin Gold seems to get lumped in with Bitcoin, especially by retail traders as they don’t understand the true difference between the 2 currencies. Because of this, there’s always a bit of a “knock on effect” from the larger Bitcoin market.

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BTG/USD DASH USD and XMR USD Video 06.12.17

DASH/USD

DASH continues to go sideways in general, offering the support needed at $725 underneath. The market should continue to be very choppy and perhaps consolidate between the $720 level underneath and the $800 level above. I think that the market continues to be very noisy and volatile, but in the end, I also believe that we will eventually find enough buyers to reach to the upside as cryptocurrencies, in general, are bullish. If we break down below the $725 level, I think we then go looking towards the $700 level. That level breaking down would be a very negative sign and send most buyers on the sidelines, looking for a bit of clarity and perhaps even safety in the market. I think that we are currently trying to build up enough momentum to move to the upside, giving us an opportunity to finally smashed through the $800 Barry above which has a course been so stubborn.

XMR/USD

Monero has been a bit of an outlier during the trading session on Tuesday, rocketing towards the $240 handle. Currently, I believe that short-term pullbacks are buying opportunities and we should see a significant amount of support near the $220 level. Beyond that, the $200 level underneath is the “floor” in the market, and while the rest of the cryptocurrency world has been a bit stagnant, Monero has bucked the trend, reaching towards all-time highs. I think that pullbacks are value propositions, and I have no interest whatsoever in trying to sell Monero in this type of momentum. After all, the US dollar has been strengthening a bit, and of course with tax reform coming it could continue to do so. At the same time, Monero seems to be ignoring this, and that’s a very bullish sign in general. My longer-term target is the $250 level, which of course has a certain amount of psychological importance based on it.

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