Although BTC managed to stabilize over the weekend, the market is in a ‘fifty-fifty’ situation still. The past purely corrective movement is likely will be replaced by new growth, 8848 Invest’s analyst Mark Sorokin says.
Over the weekend, markets have more or less stabilized after the last strong drop. Traditionally, almost all instruments are now showing the formation of the new accumulations. Now we should firstly expect the complete volumes accumulation end, which will be followed by new impulses and flats quits out for each market tool.
‘Indirect signs indicate the ‘fifty-fifty’ situation developing at the market now. It’s difficult to indicate the BTC movement direction. Firstly, during the fall the coin didn’t reach important support areas, stopping someplace in between,’ the expert notes.
At the same time, the previous accumulation minimum, the resistance had formed earlier, was updated. Thus now we see the previous flat border and a return to it.
‘As part of the growth, I consider the option that BTC will move to the level of $11 400. In the case of the fall the resumption, the BTC will likely reach the level below $8 000 and renew the previous accumulation’s minimum. Now the market is suspended waiting for any action from buyers or sellers,’ Mark Sorokin says.
Altcoins will depend on BTC situation development. If the movement resumes, the major alternative coins will start moving after it. Some of them, NEO and Binance Coin, in particular, showed positive dynamics in the past few days, outperforming the market with significant gains.
‘Overall, I have a positive attitude still. BTC hasn’t reached the global reversal zone. In my opinion, this is a purely corrective movement, which will eventually be replaced by an upward movement to $14 700 and higher. The market may go lower to try to redistribute volumes there, but it’s a less likely scenario. Generally, I expect BTC to go higher and update its previous highs,’ the expert notes.
The situation is ambiguous, so only intraday forecasts make sense, and work is only possible inside within flat trend.