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Bitcoin Gold DASH and Monero Price Analysis January 12, 2018, Technical Analysis
Updated: Jan 12, 2018, 05:02 UTC
The “other 3” crypto currencies that we follow here at FX Empire have seen a certain amount of bearish pressure during the trading session on Thursday, but at this point, they all look as if they are simply drifting to the downside, not necessarily falling apart.
Bitcoin Gold
The Bitcoin Gold market fell significantly at the beginning of the session on Thursday, but then turned around to reach the 20 SMA on the hourly chart, essentially the $220 level. I think that the $200 level underneath is supportive, based upon longer-term charts. In fact, it is the “floor” of the overall consolidation that we have been in for some time, with the $300 level above being the top. I think that we will see a bounce eventually, but we don’t see any opportunity to start shorting until we break down below the $200 level, so in the meantime it’s possible buying opportunity near the $200 level, or if we can break above the $225 level.
DASH
The Dash market has been very choppy during the trading session on Thursday, as we had reached below the $1000 level briefly a couple of times. We have reached towards the $1075 level, but then have pulled back slightly as well. This is a market that has been drifting lower overall, and I think we are trying to break down below the $1000 level now. However, if we were to break above the $1100 level, the market should then go to the $1200 level. Ultimately, this is a market that I think will continue to be very choppy and difficult to deal with, but if we were to clear the $950 level, this market will fall apart.
Monero
Monero has had a negative session during the day, drifting towards the $350 level, but bounced a bit to reach towards $380. In general, this is a market that I think continues to consolidate overall, so I think it’s only a matter of time before we reach towards the $425 level again. However, with this choppy and sloppy trading, it’s probably best to leave Monero alone as most of the alt coin markets have been very messy and don’t seem ready to go anywhere in the short term. If we were to break down below the $340 level underneath, then I think the market goes down to the $300 level.
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About the Author
Christopher Lewisauthor
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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