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Bitcoin Gold DASH and Monero Price Forecast for the Week of December 11, 2017, Technical Analysis

Christopher Lewis

Bitcoin Gold

Bitcoin Gold initially tried to rally during the week but found enough resistance at the $325 level to turn around and break down significantly. We have broken down below the $250 level and even reached as low as $212. The market continues to be very noisy, and I think that it’s very likely that with most of the attention on Bitcoin this coming week, this market will probably suffer as well. I believe that there is a bit of a “ceiling” at the $300 handle, with massive support at the $200 level. The market continues to chop around, and therefore it’s going to be difficult to trade from a longer-term standpoint.

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BTG/USD DASH USD and XMR USD Video 11.12.17

BTG/USD weekly chart, December 11, 2017

DASH/USD

DASH continues to be very noisy, bouncing around between the $500 level on the bottom, and the $900 level above. This market continues to look bullish overall, but this pullback is a bit overdue, so I’m looking at a pullback towards the $500 level is a nice buying opportunity. In general, I believe that DASH continues to be a bullish market, and longer-term we should continue to rally towards the $1000 level. However, I think you will get a better opportunity to pick up the market at lower levels, especially if Bitcoin disrupts everything like I think it will for the next 5 sessions. The noise in the markets continue, but I think that a breakdown below the $500 level would bring in fresh selling and make be much more cautious.

DASH/USD weekly chart, December 11, 2017

XMR/USD

Monero rally during the week, reaching towards the $300 level above. The $300 level is a psychological resistance barrier, but as most cryptocurrencies have gotten a bit overbought, Monero is no different. I think that the pullback that looks likely should end up being a nice buying opportunity near the $200 level, so make sure that you are paying attention and looking for supportive candles to take advantage of. If we do break down below the $200 level, the market will more than likely go looking towards the $150 level underneath, which was previous resistance, and should now be supportive. In general, I believe that Monero will be one of the winners longer-term, but we need to find some value, something that’s typical in all markets.

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Monero/USD weekly Chart, December 11, 2017

This article was originally posted on FX Empire

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