BTC was able to touch the $61 500–61 700 marks at the weekend. However, a correction on Monday morning has begun. We should expect the coin price pullback to the support level of $52,800. ETH and LTC are completing their volume redistribution, but haven’t updated their previous highs yet, 8848 Invest’s analyst Mark Sorokin says.
The possible BTC volume redistribution was mentioned in the previous review. Last weekend, this forecast was confirmed. The redistribution was completed, the historical high was updated, the market benchmark value reached $61 500–61 700 level.
‘Currently, we should expect a pullback to the support level at $52,800, the major accumulation upper limit. This decline will highly likely be delayed, local accumulation formation is possible, but the BTC price will continue to rise to $70 000–75 000 from the current levels,’ the expert notes.
Generally, the BTC standard trend structure is observed now. The formation of intermediate accumulations in the shape of so-called ‘stair steps’ pattern formations began earlier. The BTC chart show two such stair steps already, the coin is trying to quit out of the second one now, and we should expect the formation of the third one, a new intermediate accumulation, shortly.
As for the most liquid alternative coins, ETH and LTC, the volume redistribution is being completed for them, but they haven’t updated their previous highs yet. For ETH the move above $2,050 is expected, and above the level of $244–245 for LTC. After reaching the highs, we should check the market reaction, in particular, whether stop-loss orders will be triggered. The further market situation development of the will depend on it.
‘There are several undervalued low-capitalized coins on the market, some of which can grow rapidly in price, but the top 10 altcoins by market capitalization keep the market driver status. Their movement indicates the market will keep an upward trend structure and significant growth potential,’ Mark Sorokin says.
XRP also hangs in broad accumulation. We should expect the quit out this flat trend shortly, apparently, it will be an upward quit out, the coin will overcome the $0.75 mark and try to update the highs in the area of $0.8–1. The weekly XRP chart indicates the coin’s high growth potential. The market accumulates liquidity volumes to continue moving up.
‘The market is steadily growing, as indicated by its healthful standard trend structure. The trend is stronger when its growth is moderate, rather than sharply vertical. The pullbacks of the major market tools and its correction, observed in the market now support the growth continuation, which can continue for a long time,’ the expert concludes.