The cryptocurrency market continues to grow, but BTC hasn’t found strong resistance yet. At the same time, the correlation between the largest cryptocurrency and key altcoins is gradually decreasing, and the key past week’s news, the elections in the United States, didn’t affect the market in any way, 8848 Invest’s analyst Mark Sorokin says.
The crypto market has positive dynamics. The most active in the market benchmark, BTC, which has managed to reach the last few years’ maximum and has reached serious resistance so far. There was a slight rollback at the end of the week, but then this movement has been absorbed.
‘Therefore, I expect either growth continuation, which is a higher priority, or the formation of local accumulation on senior frames, including 4-hour and daily. To judge it definitely, you need to see the boundary setting and wait until the BTC price will pushes off them,’ the expert notes.
The trend movement continues for BTC, it’s the sellers’ volume maintain movement. The question is in the open interest volume and market sentiment. The largest cryptocurrency’s nearest targets are the previous local maximum at $15,200 and then the level of $16,000.
Last week the pullbacks within the trend dynamics have been observed for the major alternative coin market tools. They were standard liquidity addition kind of ‘rolled back & added’. The addition came from basic accumulations. The altcoin LTC became indicative in this sense, its price corrected to the main trade, gained volume out of there, and trying to turn up and renew the previous maximum currently.
‘For the LTC, we should expect an update of $67 and a move above, for ETH, the target is $470–490 with the further move above,’ Mark Sorokin emphasizes.
The key previous week’s event was the US elections.
‘In my opinion, they didn’t affect the industry as a whole, as there was no pause in the cryptocurrency market and there was no noticeable expectation of the outcome of the elections. The BTC price just went up, then there was a rollback, but in general, in my opinion, the cryptocurrency market lives its own life and doesn’t react to what’s happening in the USA and the world so far,’ the expert says.
Generally, the dynamics are positive, we’re waiting for the growth resumption, which may begin soon, already this week possibly.