As positive news from China comes over and technical factors still matter more the largest cryptocurrency has a chance to reach the level of $ 13,800–14,000, 8848 Invest analyst Mark Sorokin said.
According to him, last weekend the market situation developed according to previous forecasts. From the technical analysis point of view, the price fell below the previous support, which was formed a few months ago. Buyers’ stop-losses were there, ‘whales’ get positions quickly and the price went up.
‘Basically, these serious movements were provoked by new sales. The market gets the chance to come high to $ 13,800–14,000. If no reversal formations, models and sharp takeovers will be formed now, it will continue to grow until the next reversal zone,’ the analyst notes.
The Crypto Era has no end
Now the market needs to fix in this range, and preferably don’t fall below $9,000. Flat for a week or more is highly likely in the current conditions, after such a positive impulse. There will be an intermediate mass gain with a further exit upward and continued growth. The preliminary borders of the new flat are $ 9,000–10,400.
Mark Sorokin considers, news from China regarding the authorities’ attitude to the cryptocurrency market and blockchain technology also played a positive role. China, in particular, intends to launch its national crypto and get a leading position in the industry.
‘There was no news foreshadowing this growth. They appeared after the rally has started. Players’ balance change has been outlined in the market. Large investors have acquired long positions, and news has only added more dynamics to the market,’ the expert summarizes.