BTC needs to affirm at $11 600

The cryptocurrency market keeps a positive trend. If BTC manages to affirm at $11 600 and form fresh support, the asset price may go above $12 500. At the same time, the key altcoins follow BTC, 8848 Invest’s analyst Mark Sorokin notes.

There is a positive view on the cryptocurrency market now, even taking into account the fact that last week the market formed sell reversal patterns with distribution to support levels at $10 500. However, after updating the nearest minimum, market participants lost their open interest, against which new accumulation began.

‘Soon we should expect for the further largest’s cryptocurrency upward movement. To confirm the buyer’s strength, BTC needs to affirm above the $11 600 marks. It will allow forming the new fresh support, from which the price may go above $12 500,’ the expert considers.

After a slight BTC rollback to the current support area, no serious actions from the sellers followed. Now BTC continues to accumulate volumes, standing in flat, but it’s likely the movement above $12 500 will continue soon. This area is more attractive for liquidity search.

‘BTC may also show a decline with a strong downward impulse, which could lead it to $9 800, the previous low and the initial source of the previous upward impulse, where market participants will search liquidity to test the next support levels and entrance to buy,’ said Mark Sorokin.

Altcoins

Liquidity growth continues for major alternative coins. ETH keeps in the phase of volume accumulation, but it’s worth to note the so-called ‘mirror level change’ took place within this flat trend.

‘A buying pattern has formed, which is likely to occur above the $490. The market will lead the price into this area to find sellers’ stop-losses and new liquidity there. We are waiting for an upward movement and, generally, the quit out from the flat trend to determine the medium-term market potential,’ says Mark Sorokin.

LTC has no strong volatility now, but generally shows prerequisites for further growth to the $58 level. Now the coin is testing support, out of which liquidity continues to grow, which may eventually develop into an upward impulse. We will see a move towards the source of the previous fall at the $58–60 level soon.

‘Mentioning Monero coin it’s worth noting there is nothing special could be found about it fundamentally, but technically everything it appeared to be quite natural. The historical high has been updated. If you look at the daily chart, you can see a global buy formation, so the market brought the price above $120, where the first stop-losses were triggered,’ the expert said.

Soon the volume will probably be distributed to the support level around $100 and further to the $85 area. Then it’s worth expecting price-fixing, normal quit out the accumulation and the beginning of distribution. If it doesn’t happen, we should expect the volume redistribution and continuation of the movement to $150.