Dash/USD
Dash went sideways during the trading session on Thursday, essentially hovering the $1000 level. That’s an area that has offered a bit of support in the past, and now that the stochastic oscillator is starting to cross on the 4-hour chart, I suspect we may get a bounce towards the $1100 level. That’s an area that is essentially “fair value” in the current scheme of things, but if we break down below the $950 level, the market could unwind.
LTC/USD
Litecoin has done nothing over the last couple of days beyond drift lower, and on Thursday it was the same story. We are starting to see a little bit of support near the $220 level though, so that’s a good sign. I think that a bounce from here should send this market looking to the $250 level, possibly even the $300 level over the next couple of weeks. The overall attitude of this market seems to be range bound sideways scalping. I believe more of the same is ahead.
ETH/USD
Ethereum has rolled over slightly against the US dollar during the trading session on Thursday, breaking below the $1200 level again. However, I think that the market has plenty of support underneath, and it’s only a matter of time before the buyers get involved. I think there is a hard “floor” at the $1000 level as well. From bounces to take advantage of an oversold condition on the stochastic oscillator just below on the chart.
ETH/BTC
Ethereum has pulled back against Bitcoin, which of course is no surprise as the market had approached a vital level in the form of the 0.10 handle. There is plenty of support below, and at this point I’m waiting for some type of bounce to start getting involved again. I suspect we may need to see the market drift a little bit lower over the next 24 hours to provide that value.
BTC/USD
Bitcoin continues to drift sideways overall, after initially dipping during the trading session. The uptrend line underneath continues to offer support, so we could get a bit of a rally from here, but overall it looks as if we have been consolidating. The $12,000 level underneath is massively supportive, and that being the case it’s likely that the market will find buyers in that area. The $17,000 level above is massively resistive, so we could find the market going back and forth between here and there. That being the case, if we break down below the uptrend line, look for buyers return at $12,000 on the premise of value.
BTC/JPY
Bitcoin also is drifting lower against the Japanese yen, as the market continues to consolidate in general. The ¥1.5 million level underneath offer support, just as the uptrend line does just below current pricing. Because of this, I think that the market will probably find some type of buying pressure, and if it does, we could go to the ¥2 million level.
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