The actions of the Chinese authorities have had a positive impact on the market
The market is showing positive dynamics, and the BTC medium-term target is the range of $60,000–65,000 still. At the same time, the situation around China has had only a positive impact on the market, 8848 Invest’s analyst Mark Sorokin says.
The positive dynamics continue in the market. Many top coins have quit out their accumulations once again, and retain a positive potential.
‘BTC, like as the key altcoins ETH, LTC, and XRP retain the potential to reach their local reversal zones. For BTC, I expect the formation of a new intermediate flat, so the possibility of a sharp price drain down and merging stops isn’t excluded, and only further — reaching first the range of $ 60,000, and then $ 65,000, and possibly higher,’ the expert notes.
For ETH, you can use as a benchmark its local maximum at the $4,000 mark, as well as a historical high of $4,400. This is the main landmark for these tools to strive.
‘LTC is less volatile still, therefore, volume loading and the formation of a reversal buying pattern are still observed for this tools, but generally, it’s probably worth expecting the coin will move to the $225 area, where a local maximum was observed,’ Mark Sorokin says.
Concerning the global perspective, XPR would be good to reach $1.9, the maximum of a large accumulation, while the historical maximum of $3.7 is also achievable.
The market is generally positive, despite the development of the situation around China.
‘Despite any expectations, this ‘story’ had a positive impact on the market. Large market participants were able to generate fresh liquidity to move the major market tool prices up. I expect the growth to continue, its intensity will depend on the activity of participants and the current market sentiment,’ the expert summarises.