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Bitcoin Gold DASH and Monero Price Forecast January 8, 2018, Technical Analysis
Updated: Jan 6, 2018, 05:52 GMT+00:00
The “other 3” crypto currencies that we follow have been all over the place during the Friday session, perhaps reacting to the US dollar movement after the jobs number came out. This is a market that should continue to be very interesting, as a lot of people are playing the altcoin markets, as they are playing catch-up to Bitcoin.
Bitcoin Gold
Bitcoin Gold rallied significantly during the trading session on Friday, reaching towards the $265 level. We pulled back a little bit after the highs, but it looks as if we are ready to go much higher. The volume of the move higher was strong, so it looks very likely to continue to push towards the important $300 level. That is an area that is the top of the overall consolidation area, so if we can break above the $300 level, Bitcoin Gold would be a very strong sign. Pullbacks from here should continue to give us opportunities to eventually break out, building up momentum along the way.
DASH
DASH continues to go sideways in general, as the markets are hovering around the $1150 level. I think that there is significant resistance near the $1200 handle, and there is nothing on this chart suggesting that we are ready to break out quite yet. A break above the $1200 level would be very bullish, and could send the market to the $1300 level after that. I think that pullbacks could offer buying opportunities, as the $1000 level should offer massive support, and perhaps value that people are willing to take advantage of as the markets had previously been so explosive to the upside.
Monero
Monero has recently broken through the bottom of an uptrend line, and has recently been going sideways. Because of the structure of this move, I believe that a break below the $350 level would be very negative and send this market looking towards the $300 handle. Alternately, if we can break above the $380 level, we may go looking towards the $400 level after that. If we break above the $400 level, that would be a sign that the Monero market should go much higher, but we are a long way from that happening so until then I am a bit suspicious of this market. Monero had been the currency du joir recently, but has given back some of that luster that people have placed upon it recently.
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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