Alt Coins daily chart, May 09, 2018

Alt coins fall as majors do in crypto currency markets on Tuesday


Bitcoin Gold initially tried to bounce a bit during the trading session on Tuesday but fell down to the $70 level. The $70 level is the beginning of significant support in the bottom of the overall consolidation area. That support extends down to the $68 level, and I think that if we break down below there the market could very well go down to the $60 level rather quickly. Alternately, if we continue to see this area tested, we could find enough value hunters to come back in and drive this market towards the top of the overall consolidation area, which is the $80 handle. I believe that the market is worth paying attention to, because we are about to get a nice signal.

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The DASH market fell rather hard on Tuesday, slicing through the $450 level. I think that the market is testing the $440 level, an area that has been important in the past. I think that breaking down below there could send this market to the $400 level. The $470 level above has been resistive, but if we can break above there, the market should then go to the $525 level. There are lot of headwinds above, so I suspect that DASH may unwind a bit.


Monero initially tried to rally as well, but then rolled over to break down to the $220 level. If we can break down below there, the market is very likely to go down to the $200 level underneath which has been significant resistance in the past. If we rally from here, I believe that the $250 level would be very difficult to break above. We need to see Bitcoin and Ethereum rally before these alt coins can.

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