November 30, OctaFX – Cryptocurrencies rebounded from depressed levels this week, after opening the trading week under intense selling pressure.
Bitcoin had fallen to a fresh 2018 trading low, hitting $3,507, before recovering back above the key $4,000 level, while Ethereum settled above the $100.00 level after finding support from the $97.00 level.
Litecoin recovered above the $30.00 benchmark, after earlier sinking to its lowest trading level since June 2017, and briefly losing its place as the seventh largest cryptocurrency by market capitalization.
The rebound in the cryptocurrency market was seen as a short-term correction, with most major digital currencies remaining in a technical downtrend.
BTCUSD Technical Analysis
- The BTCUSD pair is bearish while trading below the $4,700 level, further losses towards the $4,000 and $3,500 levels seem possible.
- If the BTCUSD pair moves above the $4,700 level, further upside the $5,000 and $5,200 resistance levels remains possible.
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