BTC storms the $40,000 level
Most of the market tools have risen from the lower flat border. At the same time, BTC reached the level of $40,000. However, market participants haven’t yet fully grasped the market sentiment and haven’t decided on further actions, 8848 Invest’s analyst Mark Sorokin says.
Last week, there were positive changes in most of the market tools. The prices of most coins have risen from the lower flat border. The most active one was the market benchmark, BTC, whose price reached the level of $40,000.
Currently, the asset is trying to foothold above the local accumulation range. The key alternative coins are located in global, larger-scale flats.
‘The movement occurs within this range. So far, we can state the fact of the quit out the current local accumulation, which was formed at the lower limit of these large accumulations,’ the expert notes.
Generally, positive dynamics continuation and BTC recovery to the level of $56,000 should be expected. It will be a quite logical result. If two large accumulations will be compared, the one on top has already equaled in size the accumulation on the bottom.
‘That is, the same amount of money was accumulated both at the bottom and at the top of the flat. Therefore, we can assume there was a money flow from top to bottom. Accordingly, now we can naturally expect the price to recover to the resistance around $56,000,’ Mark Sorokin says.
According to ETH, we should expect a local movement within the flat up to the $3,000 mark. For LTC, the medium-term goal is the level of $320. The tool is deep within the flat still, so it retains its growth potential for another $100.
‘We need to take into account the market was going to hold the sellers’ volume, and it isn’t the most positive sign for future growth. The volumes retention at any market indicates it will probably be followed by the same fall,’ the expert believes.
However, market participants haven’t yet fully grasped the market sentiment and haven’t decided on further actions, and, quite likely, are trying to short on the current market movement.
‘The market is falling for most of the participants. It gives some additional ‘fuel’ for the current movement. Nevertheless, the continuation of the upward dynamics and further market growth is still more likely,’ Mark Sorokin summarises.