All key digital asset market tools continue to accumulate volumes in their current areas. The movement towards the $56,000 mark which was the last resistance level keeps to be the benchmark for BTC, and we should expect the market to recover soon, 8848 Invest’s analyst Mark Sorokin says.
Last week, the situation in the digital asset market hasn’t changed dramatically. All key market tools continue to accumulate volumes in their current areas, where they appeared after the last major drop.
‘Well, it’s still quite difficult to say exactly about the direction of the quit out the flat. Everything will depend on how much each particular tool stayed within the flat movement, and on which way and how exactly the participants’ provocations will be generally performed,’ the expert notes.
If the stops of both sellers and buyers are knocked down, it will be preferable, as it’s one of the key indicators of the market reversal.
‘In the current situation, an upward turn is expected, so it’s necessary to stop losses will be cleared out of both range borders, after which the market could calmly turn and continue its growth,’ Mark Sorokin insists.
However, now there is a flat movement, we should expect provocations, while the flat movement itself seems to last for a month or more. The benchmark for the key market coin keeps being the movement to the $56,000 mark, the last resistance level, after which the market fall has begun.
The key alternative coin keeps the medium-term growth target at the $3,000 level. This is the local area where the market participants’ stop-losses appear to be located.
‘For LTC, it’s the $220–230 level, where stops will be triggered and only after the market will correct back to the flat. Lately, in my opinion, growth is likely to begin, but the positive dynamic is still present generally. And I still expect the market to recover, because all such significant falls almost always regained in the opposite direction,’ the expert concludes.