Bitcoin Gold
Bitcoin Gold rose significantly during Monday's trading session, breaking through the $250 level, rallying as high as $280, then dropping back down to the $250 level. Ultimately, I believe this market is looking to break out again towards the $280 level, and possibly towards the $300 level next. These dips provide value and the short-term trend appears to be turning upwards again after being heavily sold off last week. This impulsiveness has also been accompanied by a large amount of bullish volume, which of course helps.
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BTG/USD DASH USD and XMR USD Video 12.12.17
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DASH continued to move higher on Monday's session, heading towards the $760 level again. I am a bit hesitant to buy in this area as I think there is a big resistance before the $800 level, but looking at the hourly chart, it looks like it is trying to form a big “W pattern”, which is of course a very bullish sign. I think a break above the $800 level will be a “buy and hold” market. Pullbacks could be good opportunities to buy in small increments as the volatile volatility continues. However, if there is an opportunity to build a bigger position in anticipation of an upward breakout, it could be very profitable. A cautious move on the breakout above $800 should see this market heading for $1000 next.
Monero
The Monero market rose a bit during Monday's trading session, approaching the $270 level. It retreated slightly, but now it looks like it is trying to gain enough momentum to resume its upward trend. However, I believe the true measure of the continuation of the uptrend would be to break above the $300 level. Therefore, at this point, I feel much more comfortable viewing the short-term pullback as an opportunity to buy and build a long-term position. In the meantime, the market is very turbulent and Monero seems best suited as one of the smaller positions in a cryptocurrency portfolio. I believe the market has a “bottom” around $215.
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This article originally appeared on FX Empire
