BTC started to rise again last week. The case of the Bitmex exchange played mainly in the large market players’ hands. Following BTC, key altcoins also started to move up. Generally, there is a positive situation on the market, 8848 Invest’s analyst Mark Sorokin says.
The cryptocurrency market situation developed quite curious last week. There was a volume redistribution for many coins. The money from the last upper resistance, from where local downward quit out has occurred earlier, flowed into the current flat, from where the upward quit out has occurred.
‘Retail began to close its positions, giving new liquidity to large market participants so they could buy it all back. It was expected, but before the quit out from this intermediate flat trend it was difficult to assess this movement prospects generally,’ the expert notes.
Now we should expect the BTC price to update the level of $12 500. The market may stop again there, as the coin would stumble upon a large number of stop losses again. Thus, this entire structure will grow into large accumulations, so you need to follow the actual market development.
‘As soon as any flats will be formed, it will serve as a certain clue for further medium-term market movement. For now, we should expect the BTC movement to $12 500 and renewal of this maximum,’ Mark Sorokin says.
There is a similar scenario in the altcoin market. LTC has made a buy reversal formation with sellers’ volume locked and thus the coin can reach the $58 mark, where it can stick again. In this zone, LTC will begin to form new accumulations.
‘Generally, we are waiting for the end of the impulse, after which we will face another flat, accumulation and gaining additional liquidity sequence,’ the expert emphasizes.
The prediction we discussed last week has been correct obviously. The Bitmex exchange was exposed in the incorrect use of the KYC/AML procedure, and many other violations were found, the trading platform didn’t have a license particularly.
‘This situation has played into the large market participants’ hands. Under the pressure of this information, retail traders began to close their positions actively, respectively, large players were able to gain volume on it and clear a further path for the future BTC growth,’ Mark Sorokin says.
Thus, the closest BTC mid-term target is $12 500, for LTC it’s $58, and $500 for ETH. There is a positive situation on the market, a global reversal is unlikely, and there are no accumulations sufficient to provoke a great fall. It makes it possible to predict the cryptocurrency market further growth with a high degree of probability.