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Bitcoin Gold DASH and Monero Price forecast for the week of January 15, 2018, Technical Analysis

Bitcoin Gold

Bitcoin Gold traders did very little during the week, for the 6th week in a row. We have been in a range for some time, with $200 looking very likely to offer significant support. However, when I look at this chart I see a descending triangle trying to form, and if we break down below the $200 level I think it’s very likely that we could fall to the $200 level initially, followed by a significant move to the $125 level. A rally at this point simply confirms the overall consolidation, which is very difficult for longer-term traders to be involved with.

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BTG/USD weekly chart, January 15, 2018
BTG/USD weekly chart, January 15, 2018

DASH

DASH fell a bit during the week, dipping below the $1000 level yet again. We seem to be seen a significant amount of support at the $950 level, as it is more of a range than a support level. I think that the market continues to be sideways overall, bouncing around between the $1000 level on the bottom and the $1200 level on the top. In other words, it’s not until we get some type of impulsive move that a longer-term trader can be involved. 4 weeks ago, we ended up forming a massive shooting star which is very negative. However, we have not broken down below the bottom of it, which is the $800 level, which is the technical signal the start selling. Since then, we have simply been going sideways. Volume is declining, that’s not a good thing.

DASH/USD weekly chart, January 15, 2018
DASH/USD weekly chart, January 15, 2018

Monero

Monero markets formed a somewhat neutral candle during the week, as we could not hang on to gains near the $450 level. Volume is an issue in this market as well, as it looks like interest is starting to wane. The $300 level below is very supportive, so it’s not until we break down below there that I would be concerned. If we do though, I suspect the market finds $200 rather quickly. Otherwise, expect more consolidation and back and forth short-term trading.

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Monero/USD weekly Chart, January 15, 2018
Monero/USD weekly Chart, January 15, 2018

This article was originally posted on FX Empire

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