Alt coins rally after major crypto currencies bounce

Alt coins all rallied during the session on Tuesday, as the major crypto currencies rallied as well. The question now becomes whether it is a genuine buying opportunity, or simply a dead cat bounce? · FX Empire

Christopher Lewis

Updated Tue, May 29, 2018, 10:55 PM

BTG/USD

Bitcoin Gold rallied a bit during the trading session on Tuesday, using the $40 level as a bit of a base. I think that the market will eventually find sellers above though, because we are most certainly in a negative trend, and that has not changed, despite the bounce during the day. I think that the $45 level offers resistance, just as the $50 level will be. Look for the first signs of exhaustion, and start selling as bitcoin Gold continues to underperform overall.

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DASH/USD

The DASH market rallied significantly during the day on Tuesday, reaching towards the $320 level after initially dipping below the important $300 level. I think there is more than enough resistance above to turn the market around to the downside though, so look at this as an opportunity to start selling at a higher level. The $350 level above is major resistance, and most certainly the $400 level will be as well. I think that exhaustion will eventually show itself again in this market, so that we can start selling yet again. I have no interest in buying this market, crypto currencies in general look very soft, so the alt coins will certainly struggle.

XMR/USD

Monero markets bounced significantly from the $150 level during the day on Tuesday, which of course is a reasonable place to see a technical bounce. I think there is plenty of resistance above extending to the $180 level at the very least, and that should continue to be the case. Any signs of exhaustion should be an opportunity to start selling, perhaps reaching down to the $150 level.

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