Cryptocurrency Market Update: Recovery Across the Board

November 30, OctaFX – Cryptocurrencies rebounded from depressed levels this week, after opening the trading week under intense selling pressure.

Cryptocurrencies Recover

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.


This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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