Digital currency has been following a bearish pattern for quite some time now, and this development has left the traders perplexed. The entire digital currency market is suffering at the moment, and the digital currency capitalization has dropped to about $285Bn.
The alarming part is that every digital currency that exists today has experienced a drop of about 50% to 60% in its value. However, things did improve a bit this weekend when the BTC volume touched about $8600 on March 16th.
As per the analysts, the BTC volume is surely lower than the December records, but they need to keep into consideration that the price of each coin has reduced to half. As per the records of March 18th, 2018 some of the exchanges are still doing considerably well.
Bitfinex trade volume was about $ 500 Mn in the past 24 hours. If we look at the technical indicators, then things still seem to be uncertain for the digital currency market. If we look at the four-hour charting signs, then the trends still seem to be bearish for the digital currency.
If the records of the past nine months are considered, then one thing is quite evident. The 50-day moving average of BTC/USD is quite close to 200 days moving average. The biggest issue is that the major digital currencies are suffering the most from the terrible decline.
Ethereum lost about 18% on 18th March 2018. Even the Ripple market has experienced a decline, and it has dropped to about 11%. Bitcoin Cash is also suffering in this scenario, and its value has dropped to about 9%. This situation has now become quite disturbing for the traders, and they do not expect the things to improve soon.
Some digital currency traders believe that this bearish trend of 2018 will continue as long as the bearish trend of 2014. The issue is that the bullish signals are not appearing at all and only the bearish flags are apparently visible at this point.
However, some of the digital currency traders are optimistic and feel that a reversal is just around the corner. To draw a clear conclusion, the traders need to monitor the market trends, and then it will become easier for them to make a clear decision about where the digital currency market is heading.
Till then the traders surely need to keep their fingers crossed and hope for the best.