Alt Coins Price forecast for the week of February 5, 2018, Technical Analysis
Bitcoin Gold
The Bitcoin Gold market broke down significantly during the week, slicing down towards the $100 level before buyers return. However, volume is very low, so I think at this point a lot of retail traders have stepped away, and I think that it’s only a matter of time before rallies will be sold off as a lot of psychological damage will have been done to the average retail trader.
BTG/USD DASH USD and XMR USD Video 05.02.18
DASH
DASH traders sold off radically during the week, slicing through the $600 level, and then reaching towards the $500 level. We have broken the back of a hammer in this market, and that is almost always a negative sign. I think that given enough time, we should rally based upon a “dead cat bounce” as per usual, but I suggest that the $800 level will be massively resistive, as it is an area that was previously supportive. Otherwise, if we break down below the $500 level, we will continue to go much lower. Longer-term, I suspect that the DASH market returns to the $300 level.
Monero
Monero markets fell hard during the week, breaking the back of the 50% Fibonacci retracement level, the hammer from the previous week, and then racing down towards the $200 level before finding support. Ultimately, this market continues to be a bit shocked by the recent trading volume, as it is almost nothing. Even with this massive selloff, not much in the way of volume was picked up, so I think this suggests that rallies will be selling opportunities, just as a break below the bottom of the weekly candle would be.
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This article was originally posted on FX Empire
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