BTC is forming resistance at $52,000, but the $60,000 level is its benchmark still, while ETH retains a chance to update its historical maximum at $4,400, 8848 Invest’s analyst Mark Sorokin says.
The previous week closed quite positively. There was growth, as well as an attempt to quit out the new local flat, but generally, the market has begun to be drained down again. So far, it looks like a promising liquidity gain, but to grow from a promising one into a real one, it’s necessary to wait for the formation of a new local flat trend at current levels.
‘It’s highly likely market participants will go to update the current BTC accumulation minimum, which is currently being formed. This minimum is at the level of $40 000–42 000. Market participants can form a liquidity grab there, after which recovery can begin,’ the expert notes.
It’s also worth noting the resistance formation at the $52,000 level. The market hasn’t reached it yet, but at this level, the sellers’ reaction may appear. However, so far, all it looks is just like a single accumulation.
‘I don’t see any global decline scenario, but generally, we need to wait for the quit out the current large accumulation to understand who’s prevailing — buyers or sellers. Accordingly, I still expect growth, but I don’t expect it quickly,’ the 8848 Invest expert notes.
the $60,000 level is the BTC global benchmark still, at which the last resistance began to form, and a strong drop occurred. It’s quite logical there may be stop-losses of market participants at this level. The BTC price will likely reach the $60,000 level soon.
‘Everything will depend on which direction quit out will occur. The market sentiment isn’t formed currently. Therefore, it’s quite difficult to predict the market movement direction. To do this, you need to see a powerful impulse with a long-term consolidation, which will indicate the future price movement,’ the expert notes.
There was an accumulation on ETH, which was replaced by buyers’ provocations. Now the stop-losses of these market participants are being felt. Probably, stops will work at the nearest levels, and the market will be able to accumulate new volumes and gain a position allowing the coin price to move up to the $4,400 mark.
‘It will be just an update of the historical maximum and an attempt to take away the stop losses of market participants,’ Mark Sorokin emphasizes.
Local accumulations are observed for XRP. After quitting out this accumulation, we should expect a redistribution of the previously accumulated volume.
‘Globally, I expect XRP to reach the $1.9 mark, but it isn’t a matter of the next few weeks, but rather a month or two. It should also be remembered that XRP hasn’t reached its historical maximum, which is at the $3.7 level. This is the coin’s long-term goal for six next months or a year,’ the expert notes.
Now it’s time for quite serious fundamental news that will act as a trigger and provoke participants to open new positions.