The key market tools have finally quit out of their flats and the trading-out will show the further market situation development, 8848 Invest’s analyst Mark Sorokin insists.
Last week, the key market tools have finally quit out of their flats, where they have been hang for the last few months, so the market immediately reached resistance levels on volumes hold.
‘Accordingly, in this particular range key coins are forming their new intermediate accumulations now. Therefore, probably, now we should expect local pullbacks and provocations of participants, followed by a growth resumption and the achievement of the next resistance,’ the expert notes.
For BTC, it’s the $52 000–53 000 range, for ETH — the level of $4,000. The trading-out of the current accumulation will be shown firstly by the further market situation development, then it will be possible to decide on any further prospects.
Chinese issue, apparently, was rather a manipulation that influenced many market participants who were afraid of a complete ban on mining and operations with digital currencies.
‘It caused a huge negative wave within the industry, but major market participants used this opportunity to expand their cryptocurrency portfolios,’ Mark Sorokin says.
Further growth remains the key scenario for cryptocurrency market development.