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Bitcoin Gold DASH and Monero Analysis December 12, 2017, Technical Analysis

Christopher Lewis

Bitcoin Gold

Bitcoin Gold rallied significantly during the trading session on Monday, breaking above the $250 level, and reaching as high as $280, before pulling back down to the $250 level. Ultimately, this is a market that I think is trying to break towards the $280 level again, perhaps even the $300 level next. These dips offer value, in a market it appears to be changing the short-term trend back to the upside after selling off significantly during the previous week. The impulsivity was also accompanied by massive bullish volume, which of course helps.

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BTG/USD DASH USD and XMR USD Video 12.12.17

DASH

DASH continues to rally during the Monday session, as we make our way towards the $760 level again. I think there is significant resistance going to the $800 level, so I’m a bit hesitant to buy in this area, but when I look at the one-hour chart it seems that we are trying to form a large “W pattern”, which of course is a very bullish sign. If we were to break above the $800 level, then I think it becomes more of a “buy-and-hold” market. Pullbacks could be nice buying opportunities in small increments, as the volatility of choppiness will continue. However, if you get the opportunity to build up a larger position in anticipation of a breakout to the upside, it could be very profitable. The measured move on a breakout above $800 should send this market looking for $1000 next.

DASH/USD daily chart, December 12, 2017

Monero

Monero markets rallied a bit during the trading session on Monday, reaching towards the $270 level. We pulled back slightly, and it now looks as if we’re trying to build up enough momentum to finally break out to the upside again. However, I think the true measure of a continuation of the uptrend is breaking above the $300 level. So, at this point, I much more comfortable buying short-term pullbacks as an opportunity to build up a longer-term position. In the meantime, I think that the market continues to be very noisy, and Monero is probably going to be best as one of your smaller positions in your crypto currency portfolio. I see a “floor” in the market near the $215 handle.

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Monero/USD daily Chart, December 12, 2017

This article was originally posted on FX Empire

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