Local ‘shakeouts’ won’t change the market structure

The market continues to show positive dynamics. At the same time, local knock-down of stops, so-called ‘shakeouts’ aren’t excluded, which will follow by the growth continuation, 8848 Invest’s analyst Mark Sorokin says.

The market continues to show positive dynamics. BTC is constantly gaining liquidity and moving up slowly. However, as the tool gains volumes, it regularly rolls back to get more favorable buying levels.

‘Now I am waiting for a generally sharper drain down, that is, the merging of buyers’ stops. The BTC price may drop by several percent, after which we will see a local liquidity increase, and a new upward trend will begin,’ the expert notes.

Altcoins

ETH is moving up slowly, making constant liquidity gain, especially recently. We should expect this tool can update the nearest local maximum once again, after which there will be a knock-down of buyers’ stops and a sharp drain.

‘After that, the tools will regain volumes and go to the test the $4,000 level, where the previous key resistance was located,’ Mark Sorokin notes.

“The XRP is interesting again, which reached the level of $1.3, the lower limit of the previous resistance. But I still expect in the global long-term perspective, the coin will move to the level of $1.8–2, that is, to update the local highs reached a few months ago,’ the 8848 Invest’s expert insists.

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