Alt Coins weekly chart, May 07, 2018

Alt Coins have mixed week


Bitcoin Gold initially fell during the week, but then turned around to form a hammer. The hammer of course is a very bullish sign, and if we can break above the top of the candle, we should then go to the $100 level after that. That’s an area that is massive resistance, so I think it’s going to take several attempts to break above there. Once we do, the market is free to go to the $150 level. Otherwise, we will more than likely see a pullback over the next several sessions.

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The DASH market has been very choppy during the week, forming what has extensively been a neutral candle. The shooting star from the previous week suggests weakness, but the fact that we held tough here tells me that the market could go looking for higher levels. If we can break above the $600 level, we should then go to the $800 level. That’s an area that is massively resistive, but I think that the $400 level underneath is massive support. If we do start a longer-term uptrend, it’s common to see a lot of noise before we start to shoot to the upside.


Monero fell during the week, reaching down towards the $240 level, before finding buyers in the market to turn things around. The hammer of course is a bullish sign, but the shooting star that precedes the hammer shows signs of resistance. I think we continue to go back and forth, perhaps reaching around the $250 level to try to figure out where we are going next. If we can break above the $300 level, then I think Monero is ready to go higher. Otherwise, if we break down below the $240 level, we could go down to the $200 level.

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