BTC declines to the trend source at $52 000–53 000
There’s an active distribution at the market. After a false breakout and fixing the volume of buyers, BTC began to decline, while key altcoins accumulated trading volumes and form flats, 8848 Invest’s analyst Mark Sorokin says.
The situation in the digital asset market looks like the beginning of the distribution phase. Last week, a serious trading volume was accumulated on the upper border of the large current BTC flat. The flat trend boundaries are $30 000–65 000.
‘After the false breakout, the buyers’ volume was locked up, and now the BTC decline has begun. Generally, I expect, apparently, the continuation of the asset distribution to the trend sources in the area $52 000–53 000. This is the range where the last growth was formed before the start of the current decline,’ the expert notes.
As for ETH, the current altcoin accumulation from above is comparable in size to the key trend source at $3,300. Speaking of LTC, we can expect the coin to fall to the area of $155.
‘So far, all this looks like large accumulations and the continuation of the flat formation. For BTC, this is the range $30 000–65 000, for ETH — $3 300–4 700, for LTC — $155–300. We should expect the distribution to continue this week. Don’t forget the number of market participants sufficient for the formation of a reversal trend and the new accumulation formation hasn’t been stopped yet. Therefore, we should expect the local decline to continue,’ the expert summarizes.