Cryptomarket bounces back, but recovery is nowhere near

Cryptomarket bounces back, but recovery is nowhere near
Dec 5, 2018 by Rico Wise

BTC managed to get away from the possibility of a drop to the low area of 3,600 USD, stabilizing at nearly 3,850 USD, hitting its daily low at 3,800 USD, but managing to rebound by a small amount. Other dominant digital currencies have registered quite big losses versus the USD currency over the past couple of days. ETH, XLM, and BCH displayed 1.5-8% losses on the day.

Within the week’s period, the value of BCH currency has declined from 200 USD to 142 USD, accounting for over 29% drop. Despite the fact that the currency did not perform any major single-day declines, it proceeded with losing its price versus both BTC and USD in the course of the past seven days.

After reaching a new yearly low at the level of 3,456 USD on Nov 25, BTC value has faced difficulties trying to display any hints of a big short-term reversal or a corrective upside movement.

The Crypto Dog, a renowned digital currency tech analyst claimed that an expressly outlined range between 3,500 USD and 4,500 USD has been set up by BTC, and the likelihood of the cryptocurrency staying within that range has grown. The analyst has also highlighter that at the moment, bears are still the ones who keep the market in control.

In accordance with the oversold conditions of dominant digital currencies in the worldwide market and the exhaustion that the cryptomarket has displayed over the entire November, the cryptoanalyst also pointed that the cryptomarket might be enduring its final phase of the bear market.