Bitcoin Gold fell significantly after initially trying to rally during the day on Tuesday, testing the $340 level above. By doing so, it looks as if the $300 level is being challenged as support. I think there is plenty of support just below, so it makes sense that we will try to bounce again. If we do bounce from here, I think will go looking towards the $340 handle. Otherwise, we could drift as low as the $280 level to look for support. This has been a slow and gradual moved to the upside, and therefore I think that we will continue to see buyers coming in on dips, albeit in a slow and steady manner.
DASH rallied initially during the day as well, but pulled back towards the $1100 level underneath. That was an area that was massively resistive, and now looks likely to offer significant support. I think that a bounce from there makes sense as it would continue the overt uptrend. I think that breaking above the $1250 level above signals that we are going to continue to go higher, and currently I think that the “floor” in the market is closer to the $1000 handle underneath. I believe that longer-term, crypto currencies will do well, but DASH in particular has done well over the last couple of weeks. Currently, I think that the idea of faster transactions in the crypto currency space is continuing to drive a lot of the bullish pressure here.
Monero rallied a bit during the trading session on Tuesday, reaching towards the $400 level but failing to hang on to the gains. We pulled back to the $350 handle, but now look as if we are trying to build a bit of a base here. We are oversold in the stochastic oscillator on the hourly chart, so I think that we are ready to continue the uptrend in general. Pulling back from the $400 level makes sense, and I think that this recent pullback is probably an opportunity to build up momentum to finally break out longer term. I think that happens, but this time year is going to be a little less liquid than others, and retail traders will probably be on the sidelines for the most part, as Christmas is next Monday. That being said, I don’t have any interest in shorting this market anytime soon.