Bitcoin Gold markets continue to chop around, using $220 as the floor, and $250 as the ceiling. I think that we are essentially going to bounce around in this area for in the short term, at least until the markets decide what to do. It looks as if there is a significant lack of volatility in the crypto currency space overall, as the major players are just drifting around aimlessly. Some smaller alt coins such as Ripple have done really well as of late, but they have also given back most of the gains. In other words, the party seems to be slowing down.
DASH continues to bounce around as well, but the $1000 level seems to be offering significant support. I think that the market will probably be very lackluster, bouncing between the $1000 level on the bottom, and the $1100 level on the top. If we break above there, there is a significant barrier at the $1200 level after that, which extends to the $1300 level. In other words, I believe that range bound trading is probably about as good as it gets in the DASH markets now, at least for the next several sessions. By using something like the stochastic oscillator, you can get an idea as to which direction to trade.
Monero markets have been very noisy during the session on Wednesday as well, dropping down to the $360 handle. That’s an area that has offered support though, and I think that by bouncing from there, it shows that the resiliency remains in this market. I do believe that Monero goes higher over the longer term, but you need to be very patient in this market as you should in all crypto currencies, because quite frankly nobody’s moving very quickly. I think that the $440 level above opens the door to testing the $450 level which is a much more significant barrier. Buying on dips continues to work, but just slightly so as each “higher high” becomes less impressive in both volume and responsiveness.