At the end of last week, the BTC volume was distributed to the previous accumulation border. ETH reached the previous flat level, where stop-losses of a certain group of market participants were found, but to describe the general market view, it’s worth focusing more on XRP now, 8848 Invest’s analyst Mark Sorokin says.
There is a quite curious situation in the digital asset market. After a prolonged growth at the end of last week, the volume distribution has begun. BTC, ETH, and key altcoins were rapidly losing their value.
‘Talkin’ particularly about BTC, there was a volume distribution to the previous accumulation border. Roughly speaking, the market is simply expanding the volume set range. It can be seen when the coin started falling on Saturday morning. On Monday, the asset price reached the lower limit of the previous local flat trend. All this structure became a part of the one accumulation’, the expert notes.
This week the slow down of BTC and the beginning of the new accumulation formation should be expected. Its result will indicate the potential direction of further price movement. Raising will confirm the assumption that the observed structure was a single flat movement, and the coin will return to the $62,000 range. At the same time, after a local liquidity increase, the distribution may continue, then BTC will fall to the lower border of the previous flat trend, from which the growth began. This is the $30,000 area.
‘I don’t consider a fall to $30,000 as the key scenario yet, most likely it’s one big flat movement, and we will see another attempt to grow soon,’ Mark Sorokin says.
There are no specifics for ETH yet, its accumulation is too small. The price reached the previous flat level, where the stop-losses of a certain group of market participants were found, and now the tool shows a fairly sharp inertial recovery.
‘The new accumulation boundaries are being set so far. We will see a new decline and even reaching the buyers’ stop-losses area shortly. And it’s worth following the actual market development of course because it depends on the participants’ actions at the moment,’ expert of 8848 Invest believes.
For LTC, there was a correction to the previous uptrend source. This week, we should expect the formation of a new flat trend and a potential resumption of growth to the level of $400–420, the area of the previous high.
To describe the general market view, it’s worth focusing more on XRP now, which is only one of the key market tools that haven’t updated its historical highs. The coin’s benchmark is still the level of $3.5–3.7.
‘Ripple can’t grow alone by itself. If it will move to its highs, the rest of the top 10 coins will also grow. They usually fall together, respectively, they will rise together also. Generally, there is local damp of the market positions. In the previous review, we assumed there would be a knockout of buyers’ stops, which was observed over the weekend. Now we should expect a liquidity set, which will indicate the further direction of the market movement,’ the 8848 Invest’s analyst summaries.