The current accumulation follow with the provocation of sellers
All key tools keep their flat trend. Most likely, the key tools will update the lows, for BTC, the breaking point is around $28,000, 8848 Invest’s analyst Mark Sorokin says.
Over the past week, the situation in the digital asset market hasn’t changed significantly. Key market tools, including BTC, ETH, LTC, and XRP, are showing a flat movement.
‘It’s worth noting last week there was an attempt to provoke buyers, an attempt to go up, but it wasn’t actually successful,’ the expert notes.
The market updated the nearest highs and accumulated a new position, so we saw the current volume distribution.
“Now I’m still making up the further movement options in such a way that most likely the key tools will update its lows,’ Mark Sorokin says.
The BTC’s breaking point from which the last upward reversal was made is at the $28,000 area. Next, the triggering of stop losses of buyers, the appearance of new sellers, and market participants to gain new long positions should be expected.
‘After updating the minimum, I expect a new flat. Then we need to see how the key tool prices will behave,’ the analyst notes.
The situation is quite similar in the alternative coins’ market. We should expect ETH to update the lows soon. Some of the market participants will be partially or completely left behind, and after reaching the lows, we should expect the formation of a new flat movement.
‘The current market situation cannot be described as unambiguously positive or unambiguously negative. Now there is an accumulation, sellers are expected to be provoked shortly. We should expect further market development,’ the expert concludes.