BTG/USD, DASH USD, and XMR USD Price Forecast for the Week of January 22, 2018, Technical Analysis

BTG/USD

Bitcoin Gold traders went back and forth during the week, but most importantly broke down below massive support at one point. I think that the $200 level is going to continue to be an area that should offer support and I think at that point it’s likely that you will see a lot of noise in general. I think that longer-term trading in Bitcoin Gold is almost pointless, as you can see we have obviously been very range bound. Short-term traders continue to like this market, but beyond that it would be difficult to buy-and-hold.

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DASH/USD

DASH traders broke down significantly below the $800 level during the week, reaching as low as the $600 level before bouncing again. The recovery was quite impressive, except that it was not accompanied by volume, one of the most important things that you can see. I think if we break down below the $800 level, the market then goes down to the $600 level next. If we break down below there, the market probably goes to the $400 level. Alternately, if we do rally, we go to the $1000 level. However, I anticipate that the lack of volume will work in favor of the sellers.

XMR/USD

Monero also broke down significantly during the week, but has bounced significantly from the $240 level to close above the $300 level. Volume continues to be an issue in the crypto currency markets, so I’m not quick to start buying. I think the market continues to go back and forth and I think it still has major potential to break down rather rapidly as we have seen. I think the markets are at an interesting point now, as we had been rallying almost without exception, and now there seems to be a fight. The markets continue to be very noisy, so therefore if you choose to trade Monero, you should probably do so from the short-term charts.

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BTG/USD DASH USD and XMR USD Video 22.01.18