Bitcoin Gold DASH and Monero Price forecast for the week of December 4, 2017, Technical Analysis

BTG/USD

Bitcoin Gold had a negative week after the horrific volatility and Bitcoin sent most cryptocurrencies markets lower. We broke towards the $250 level, which was resistance in the past. By bouncing from there, it looks as if the buyers may be coming back to lift this market, but quite frankly there is probably more volatility ahead. By adding to your position slowly to the upside, you can take advantage of what seems to be a bullish market, but quite frankly I think that the noise is going to become deafening, so therefore being slow and methodical about your adding process is crucial. Alternately, if we were to break down below the $240 level, then I think Bitcoin Gold goes down to the hundred $60 handle.

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BTG/USD DASH USD and XMR USD Video 04.12.17

DASH/USD

DASH continues to rally, breaking above the $800 level during the previous week. However, we are getting close to an overbought condition on the stochastic oscillator, so a pullback may be coming. Quite frankly, if I were a long-term trader in this market, I would be waiting for a pullback to present some type of value. We could fall as low as $500 and still looks very healthy to the upside. With this in mind, I suspect that the pullback will eventually happen, which should be an opportunity for new money to come in. Quite frankly, although this market has been a bit parabolic over the last couple of weeks, in general, it has behaved much more technically sound and Bitcoin. I believe that this market will continue to go looking towards $1000, but we need to see some type of value proposition between now and then to have more buyers jumping in.

XMR/USD

Monero has also been very volatile, breaking above the $200 level at one point. That’s an area that I think has a certain amount of psychological importance to it, as it is a large, round, psychologically significant number, and although the weekly candle wasn’t necessarily a shooting star, it does look a bit like we are ready to roll over. The Stochastic Oscillator is crossing over just above the overbought level, so I think that a pullback is coming, just as we will probably see in several cryptocurrencies. I would expect to see a significant amount of support near the $140 level though and look at that as a potential value opportunity for longer-term traders. Even though I recognize that we are going to get a bit of a selling move, I don’t have any interest in shorting this market, because longer-term I think that we have plenty of buyers underneath, as the uptrend is very much intact, just perhaps a bit overbought. If we did clear above the top of the candle for the week, that would show a very impulsive move to the upside, but I would be very leery of taking that trade as we have seen so much volatility over the last week in other cryptocurrencies.