Alt coins a bit flat on Friday as crypto currencies struggle

The alt coins were a bit flat during Friday trading, as longer-term charts are starting to look very negative. Bitcoin and Ethereum both have a major influence on alt coins, because they give you an idea of the risk appetite. · FX Empire

Christopher Lewis

Updated Fri, May 18, 2018, 11:30 PM

BTG/USD

Bitcoin Gold failed to hang on the gains during the session on Friday as we continue to bounce around the $52 level. I think that the market has plenty of support at the $50 level as well, and therefore it’s likely that we could see a short-term bounce, but I would use that as an opportunity to short this market. I see far too many ways that this market can unwind, so I don’t have any interest in trying to fight what has been significant bearish pressure.

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DASH/USD

The DASH market when sideways overall during the day on Friday, hanging about the $380 level. I believe that the $400 level above is going to be a resistance barrier, and as long as Bitcoin and Ethereum struggle overall, I think that this market will as well. Looking at the longer-term charts, the weekly chart has formed a massive shooting star that suggests that we are going to go slicing through the uptrend line. Rallies at this point should be selling opportunities going forward, unless of course something changes drastically in the major crypto currency markets.

XMR/USD

Monero markets when sideways overall during the session on Friday, testing the uptrend line for support. The market participants have sold Monero off rather drastically, and quite frankly the Monero markets have underperformed the other crypto currencies around the world, at least the ones that I follow. Ultimately, I have no interest in buying Monero at all, and I believe that this will be the “canary in the coal mine” as to where some of these other alt coins will go.

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