BTC has been accumulating volumes for several weeks, has quit out the flat up, and will most likely continue to update its historical highs. Altcoins are also showing an upward trend, 8848 Invest’s analyst Mark Sorokin says.
Last week’s market situation appeared to be rather curious. We’re forced to state, after all, there was a redistribution of the previous volumes formed for sale, and sales overweight was formed. BTC has been accumulating volumes for several weeks, and on Monday night has quit out the flat up.
‘Now we can expect an update of the last recorded historical maximum of BTC in the area of $67,000, followed by an upward movement. I believe at this level, we shouldn’t expect a large number of stop-losses which could affect the buyers’ structure to make the market go to flat again,’ the expert notes.
On the background of significant volumes setting, we should expect further coin growth by $20,000. Compared to previous accumulations, the current volumes look even larger, so we can assume the coin will continue to move up.
The alternative coin market demonstrates a slightly different situation, however, an upward trend prevails on it. In particular, Ripple hasn’t yet reached its historical highs. LTC has formed a pullback. The coin will aim to the $400–440 range, it’s a historical high.
‘ETH is moving in trend way, with constant pullbacks and liquidity gains. This is a fairly stable structure and a stable nature of price movement. We can expect the continuation of the coin upward movement,’ Mark Sorokin notes.
No significant number of stop-losses were recorded at the BTC’s quit out the flat, and there were no sharp movements. The coin quit out of the flat and fixed above the accumulation range. Now we can assume the market participants keep open interest, and the upward movement of the asset will continue.