The alt coins struggle rather significantly during the session on Wednesday, as both Bitcoin and Ethereum both struggled rather drastically. Because of this, all coins will continue to be soft as well.
Bitcoin Gold fell during the trading session on Wednesday, as we are now below the $50 level. This was an area that should have been significant support but is now in the rearview mirror. Markets continue to be very jittery, and of course soft as crypto currencies are starting to lose favor with many traders. Rallies at this point should continue to see selling pressure, with the $52 level being the top of a resistance barrier down.
The DASH market bounced after initially breaking through the $350 level, but it does look as if we are ready to consolidate around the $350 level. I think that is an area that will continue to attract a lot of attention, so it’s likely that it will be very noisy. If we do bounce from here and reach towards the $375 level, I anticipate seeing a lot of bearish pressure. Every time we rally though, I think that it’s only a matter of time before the sellers get involved, at least not until both Bitcoin and Ethereum can rally.
Monero markets bounced a bit during the day, bucking the trend of months crypto currencies. However, it had been so oversold recently that it was likely that we were bound to bounce eventually. I believe that the overall attitude of this market will remain bearish, but we may get a short-term “dead cat bounce”, but I think it’s only a matter of time before we can find a certain amount of exhaustion that we can take advantage of to short this market.