BTC quit out of the global flat, sharp drain of ETH, LTC, and XRP has occurred, and the most likely scenario for market development is a long-term weak-trend flat, 8848 Invest’s analyst Mark Sorokin says.
The market situation is quite interesting now because after BTC quit out of a large accumulation, its price corrected sharply. It can be stated the upper accumulation limit has been tested. Now a local flat trend is being formed, which is likely to transform into an uptrend.
‘We’re waiting for quitting up. Now there is an accumulation and it’s quite difficult to say who’s the key coin holder in this trade — buyers or sellers,’ the expert notes.
Generally, it’s worth noting BTC has quit out the global flat. Testing the $65,500 level can be considered good additional liquidity to push the asset price up.
Last week, there was a sharp drain of ETH, LTC, and XRP after a local update of the maximum, followed by a quite sharp price fall.
‘It indicates that buyers were following the stop-loses. And they worked. Flats are being formed now. And we’re waiting for the further growth of key alternative coins up,’ Mark Sorokin notes.
The upward movement is extremely slow, apparently, there are serious barriers to it. The market can’t grow quickly, so asset prices may drop lower to unload the current balance and set positions at lower prices.
‘I inclined to grow because altcoins haven’t reached their ket resistance ranges and reversal zones. During the growth of altcoins, BTC won’t also decline, but will demonstrate an upward trend,’ the expert believes.
The most likely scenario for the market situation development will be a long-term weak-trend flat.