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BTG/DASH and Monero Price Forecast January 17, 2018, Technical Analysis

BTG/USD

Bitcoin Gold fell significantly during the trading session on Tuesday, losing roughly 20% at one point. We broke through the $250 level, and then tested the $200 level underneath. We bounce from the $200 level, but on rather low volume. This is a very negative sign, and if we break down below the $200 level, this opens the door to the hundred $75 level rather quickly. Alternately, if we can break above the $240 level, we will probably make an attempt to break above the $250 next, but watch volumes, they are not telling a good story.

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BTG/USD daily chart, January 17, 2018
BTG/USD daily chart, January 17, 2018

DASH/USD

DASH broke down rapidly during the trading session on Tuesday, reaching as low as $725 before bouncing back above the $800 level. DASH did have some volume on the bounce, so it may stand a better chance of keeping gains than Bitcoin Gold, but it would need to clear the $920 level for me to be completely convinced. Until then, short-term rallies will probably invite more selling as people are trying to get out of positions that have now started to lose money. As the crypto currency space has dried up on volume, that’s a sign that large money accounts are not picking up these dips.

DASH daily chart, January 17, 2018
DASH daily chart, January 17, 2018

XMR/USD

Monero broke down rather rapidly during the trading session as well, losing roughly $100 at one point. We are starting to bounce as a record this, but if you pay attention to volume, you will see that there has been almost none of it. I believe that ultimately this market will continue to see sellers on rallies, and I am not convinced to start buying Monero at this point until we break above the $400 level, or at least get some type of stability before a bounce. We have not seen it yet, and considering how stagnant a lot of the crypto currencies have been as of late, I think it will return, and is not too much to ask.

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XMR/USD daily chart, January 17, 2018
XMR/USD daily chart, January 17, 2018

This article was originally posted on FX Empire

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