Bitcoin Gold sold off rather drastically during the trading session on Wednesday, reaching down towards the $70 level. This is an area that should show signs of support though, so I think it’s only a matter of time before we bounced. I think that the support extends down to the $60 level, which of course is an area that has been supportive in the past. You can make a bit of an argument for an uptrend line as well, so I like that we will eventually go looking towards the $90 level above.
The DASH market broke down rather significantly as well, reaching as low as $440 as I record this. The market looks likely to see support down at the $400 level as well, an area that has been supportive and resistive in the past. I think that buyers will come into this market place and pick up value as it appears, but keep in mind that the Ethereum and Bitcoin markets need to rally to pick up DASH as well. Remember, these markets aren’t as liquid as Ethereum or Bitcoin, so we need them to move right along to the upside so that these markets can.
Monero also fell, which considering that it has been a bit of an under performer over the last several weeks, that’s not a huge surprise. The $250 level has offered support in the past, and I suspect that it probably will now. If we can break above the $270 level, it’s likely that we go looking towards the $300 level. Otherwise, we will find support below near the $225 level, and most certainly the $200 handle.