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BTG/USD, DASH USD, and XMR USD Forecast January 31, 2018, Technical Analysis

Christopher Lewis
Updated

BTG/USD

Bitcoin Gold continues to be a bit lackluster during the trading session on Tuesday, reaching down towards the $170 level. It looks as if we are going to go down to the $150 level if we can continue the downward pressure. However, there isn’t much in the way of volume, so it would not surprise me to see this market bounce from here. All things being equal, the lack of volume tells me that there isn’t much enthusiasm, so I would anticipate there’s about a 70% chance that we reach lower.

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BTG/USD DASH USD and XMR USD Video 31.01.18

BTG/USD daily chart, January 31, 2018
BTG/USD daily chart, January 31, 2018

DASH/USD

DASH traders sold off again during the trading session on Tuesday, and with reasonably strong volume at the open in the United States. The market looks likely to test the $700 level, then the $680 level. A breakdown below there opens the door to $640 which has been massive support in the past. In general, I think the DASH market is selling off from an overbought condition that we had been in several weeks ago. As long as Bitcoin struggles, the DASH market will as well. Right now, Bitcoin doesn’t look like it’s ready to go a higher, so this has a cumulative negative effect on the alt coin area.

DASH/USD daily chart, January 31, 2018
DASH/USD daily chart, January 31, 2018

XMR/USD

Monero continues to drift lower during the trading session on Tuesday, breaking below the psychologically important $300 level. However, we have seen a bounce from the $280 level recently, so it’s not until we get below there that I think we are free to go lower. At that point, it would make sense to start reaching towards the $250 level. Currently, I don’t like buying Monero, and any rally at this point should offer a selling opportunity, and perhaps a chance for people who are underwater in their trading to get out of bad positions.

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Monero/USD daily Chart, January 31, 2018
Monero/USD daily Chart, January 31, 2018

This article was originally posted on FX Empire

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