Advertisement
Singapore markets open in 5 hours 2 minutes

  • Straits Times Index

    3,289.42
    -23.93 (-0.72%)
     

  • S&P 500

    5,311.12
    +64.44 (+1.23%)
     

  • Dow

    39,930.77
    +372.66 (+0.94%)
     

  • Nasdaq

    16,745.41
    +234.23 (+1.42%)
     

  • Bitcoin USD

    65,985.69
    +4,438.69 (+7.21%)
     

  • CMC Crypto 200

    1,394.94
    +126.99 (+10.04%)
     

  • FTSE 100

    8,445.80
    +17.67 (+0.21%)
     

  • Gold

    2,392.50
    +32.60 (+1.38%)
     

  • Crude Oil

    78.82
    +0.80 (+1.03%)
     

  • 10-Yr Bond

    4.3560
    -0.0890 (-2.00%)
     

  • Nikkei

    38,385.73
    +29.67 (+0.08%)
     

  • Hang Seng

    19,073.71
    -41.35 (-0.22%)
     

  • FTSE Bursa Malaysia

    1,603.23
    -2.65 (-0.17%)
     

  • Jakarta Composite Index

    7,179.83
    -7,083.76 (-49.66%)
     

  • PSE Index

    6,558.63
    -49.73 (-0.75%)
     

Bitcoin Gold DASH and Monero Price Forecast December 4, 2017, Technical Analysis

Christopher Lewis
Updated

BTG/USD

Bitcoin Gold rallied slightly during the trading session on Friday, breaking towards the $300 level. We did pull back slightly from there though, and now I think that although the market looks like it is trying to turn things around and grind to the upside, the recent volatility and Bitcoin did not help. A break above the $300 level on a daily close would be reason enough to start adding to a long-term position, perhaps reaching towards the $400 level longer term. Alternately, if we roll over from here and breakdown below the $280 level, the market probably goes down to the $260 level next.

BTG/USD DASH USD and XMR USD Video 04.12.17

DASH/USD

DASH continues to be very choppy, and makes a bit of an ascending triangle on the hourly chart. Granted, I believe that we would need to use a little bit of artistic license to do so, and at that point I think we need to break above the $800 level. If we do, the market should continue to go much higher, perhaps to the $900 level. We are getting close to overbought conditions in the stochastic oscillator indicator, so I think that we will continue to chop around, which isn’t necessarily out of character for this market. It does have an upward proclivity, and I think that eventually we will find buyers on a pullback every time we dip. The question is whether we can get some type of pullback of strength to bring in more value. I don’t know if it happens, right now it looks as if the market is content to just grind to the upside, perhaps making it very difficult to hang onto. This is more of an investment than a trade, as the movement of this pair tends to remind me very much of the EUR/GBP pair in the Forex world, it does show direction, but it also takes its own time getting there.

DASH/USD daily chart, December 04, 2017
DASH/USD daily chart, December 04, 2017

XMR/USD

Monero pulled back slightly during the trading session on Friday, reaching down towards the $165 level, but finding enough support there to turn things around and break above the $185 level a bit later. I think that Monero is going to continue to try to reach towards the $200 level, but we may need to pull back a couple of more times in order to build up the necessary momentum to go higher. If we do finally break above the $200 level again, then you have a buy-and-hold scenario, at least for the meantime. Looking for value is probably the best way to get involved dearest Monero, which I think does have bullish proclivities, but also needs to find value and at lower levels to pick up volume. That’s one of the biggest proms I have with Monero right now, the volume has been extraordinarily light on the way back up, as the negative moves recently have been much more volume related than the bounce. With that being the case, I think we need a lot of work to be put in before we explode to the upside.

Monero/USD daily Chart, December 04, 2017
Monero/USD daily Chart, December 04, 2017

This article was originally posted on FX Empire

More From FXEMPIRE: