Alt coins slightly negative on Friday

It’s back in the red for the majors, early attempts at a reversal thwarted by the bears who are digging in for the winter. · FX Empire

Christopher Lewis

Updated Fri, May 4, 2018, 11:27 PM

BTG/USD

Bitcoin Gold was a bit negative during the trading session on Friday, as we dropped 3%. The market looks likely to dance around $75 level again, as the $70 level underneath their offers support, while the $80 level offers resistance. As we are in the middle of this consolidation range, I think that the market will be very choppy and continue to be the best representation of this market. I think that buying dips down towards the $70 level makes sense, but if we were to break down below the $68 level, Bitcoin Gold could unwind rather drastically.

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DASH/USD

The DASH market rallied a bit during the trading session on Friday, reaching towards the $500 level before selling off as the US dollar strengthened in general. This of course weighs upon crypto currencies, and DASH isn’t going to be any different. The $450 level underneath would be the target, with the $475 level possibly offering support as well. The markets continue to be very choppy, but when you extrapolate out to longer-term charts, we are clearly in consolidation between $525 and $450.

XMR/USD

Monero initially tried to rally during the day on Friday but found the $250 level to be far too resistive to continue going higher. We pulled back from there to test the $240 level, and I think that the level could offer a bit of support, but I think that the $230 level underneath is also support, so I think it’s only a matter of time before the buyers come in trying to pick up a bit of value. However, a breakdown below the $225 level could send this market much lower.