Market Commentary-December 4

In spite of the recovery through the weekend break on Monday session, the significant cryptos failed to acquire considerable ground, together with even the fairly much stronger coins getting wedged underneath their more recent short-term swing high and low zone. 

The majority of the leading coins now are back again under their initial low levels, and even though the more recent stableness as well as the robustness in a few of the coins, the long-term set-up continues to be overwhelmingly bearish within the crypto segment.

Due to the continues nasty sentiment as well as the massive losses of the past several weeks, at the very least a far more sustained consolidation interval is probable, all the while odds support the continuation of the current bear market coming from a broader standpoint. 

The latest price consolidation range is in one piece with regards to the majority of the coins; therefore our trend model is unrevised in spite of the more recent ups and downs direction; however, Coin Rally $4746 is still a very much possible outcome.

Bitcoin dropped back again below the critical $4200 level even though recovering higher it throughout the weekend, and also though the coin continues to be clearly above the more recent bear market yearly low. The granddaddy coin neglected to show bullish follow-through, and therefore a new short-term upward trend once again hasn't been demonstrated.

That being said, all the while the crypto-coin was on the short-term buy signal within our trend model, investors and traders must take into account ultra-short-term positions along with stringent risk management rules, as continuing strong Mean Resistance $4232 dominates the landscape. The ongoing major support is found at Key Support $3741.

Bitcoin Chart

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