On a Sunday morning, December 27, the price of the largest digital currency continued to grow and broke the levels of $27,500 and $28,000. A new historical high was recorded at $28,288.84 (Coinmarketcap service data).
As of Sunday, the daily increase was 10.4%, the weekly one is — 14.4%. Later on Monday, the correction began. On Monday afternoon, BTC traded at $26,759. 28 with a daily decline of 3.18%. The asset’s market capitalization was $498.41 bn (Coinmarketcap service data for the writing time).
In the last week of December, BTC and the digital asset market showed a noticeable increase — the asset consistently updated the historical maximum at $23,800, $24,600, $25,800, $26 600, and $27,700. Altcoins are also growing steadily.
Among the Coinmarketcap top 10 rated coins the BTC and LTC are ones that show a decrease (fell in price by 2.2% during the day), other coins are in positive dynamics. The growth leaders are ETH (12.75%) and LINK (13.4%) (Coinmarketcap service data).
The digital asset market is growing, its benchmark is updating its historical highs, and key altcoins haven’t yet found their growth limit of, 8848 Invest’s analyst Mark Sorokin believes.
There is quite exciting situation is on the digital asset market. Last week, almost the entire market went up without any pullbacks. It indicates the global trend has finally turned around and now there is a fairly large upward movement.
‘In the current environment, after such a sharp increase, the correction seems to be expected, or at least good liquidity gaining, from the nearest support levels. Generally, BTC went all the way from expanding within previous accumulation borders to the growth phase and stopped at $28 000. Here I am waiting for at least the flat formation on the daily chart and the start of distribution to the nearest support level,’ the expert notes.
Soon the flat movement formation should be expected, followed by overselling which will indicate a long-term market movement.
Further market growth is also indicated by the fact that the key altcoins haven’t reached their potential reversal zones yet, as previously was assumed. LTC and ETH keep their growth potential. The LTC mid-term target is the $160 level, the nearest ETH reversal zone is $850.
‘A similar situation in all major alternative coins is observed. Probably, we won’t see any serious correction for them. We should expect local liquidity gain from the nearest minimum support areas and continued growth,’ Mark Sorokin says.
Generally, there is further growth should be expected. The global trend has turned around, and market participants have at least a year of positive dynamics.
This significant growth is also supported by fundamental factors. In particular, the profitability indicators of traders and management companies are growing. A growing interest in BTC on the part of institutionals is also observed.
ETH futures contracts have appeared on the Chicago Mercantile Exchange (CME), which can attract new investors and provide an influx of new money into the digital assets.
The digital asset market participants are expecting BTC to go up to renew the extremum in the region of $20,000. The BTC global daily chart clearly shows the purchase formation. Key altcoins are also moving up to previous highs, 8848 Invest’s analyst Mark Sorokin insists.
Positive dynamics resumed on the market after sharp dumping occurred a few weeks ago. It scared the market a little, and buyers quit out their positions as was expected. Happened can be described as large players’ ‘campaign’ to get the buyer’s stop-losses.
‘On Sunday evening, a reversal began to take shape allowed BTC to reach the area of the previous high. There was a liquidity addition from the support level and BTC is now expected to go up to renew the extremum in the region of $20,000. It will be the consistent result of this movement,’ the expert notes.
The kay market tools can stop before they will reach their highs. A reversal can occur, with further formation of the locked volume pattern on the downward reversal, followed by a resumption of the decrease to the previous minimum.
‘However, I am inclined still to the option of upward movement continuation. There are no serious signs of the volume distribution beginning,’ Mark Sorokin said.
The BTC global daily chart indicates purchase formation. There is a crossing zone in the area of $14,000, it is a kind of ‘cut-off’ point for buyers and sellers. Now the price may go up, then a correction to $14 000 will follow, but in general, this is the situation for the purchase. With almost any predictions, the market will continue to move up above $20,000, to the area of $24,000 — $25,000.
Key alternative coins, in particular, ETH, LTC, and Bitcoin Cash (BCH) have also formed a new reversal pattern from their support levels and, accordingly, are now moving up to the previous highs. The mid-term target for ETH is $630, for LTC is $91.80.
XRP is slightly behind them, but it should be also expected to reach the customers’ activity. The coin shows the first signs of a purchase pattern reversal. Altcoin will also resume moving to the area of previous highs at $0.8.
‘There are no signs of a serious reversal, so there are two options — growth continuation with further updating of highs, or forming of the flat, which will significantly change the market structure and force alignment. So far, further growth is expected. In o case of the market can’t overcome its historical highs, or if it overcomes them, but a further price increase will stop, the formation of stable flat trends will begin,’ the expert emphasizes.
The market continues to accumulate volumes, while its participants and observers expect a powerful impulse upward movement, 8848 Invest’s analyst Mark Sorokin insists.
Last week, the digital asset market didn’t change significantly. The key market tools entered the accumulation phase, but these accumulations should be considered as midterm ones since the formation of global structures hasn’t been confirmed yet.
‘We should expect a way out of these midterm accumulations now to understand what will happen soon. Generally, we can say since after the last fall there was a sharp buyback and the flat formation has begun, the market will continue to move up,’ the expert notes.
Since important potential reversal areas haven’t been reached yet, where a lot of liquidity for a downward reversal can be found, it’s more reasonable to expect for BTC to move up to $20 000. This is the point where large participants will lead the market in search of an opportunity to fix their local positions.
‘Key alternative digital coins haven’t reached their midterm targets yet. It should be expected soon. For LTC, this is the $100 level, for ETH the area of the previous trend source around $850. XRP forecast is moving up to $0.96. Other coins haven’t reached their resistances yet, which opens up additional opportunities for their growth,’ notes Mark Sorokin.
In general, the market situation is positive still, the market continues to grow. To fully understand the market situation, it’s necessary to wait for the key tools to quit out the current intermediate flats.
‘In a case of a situation change, the market will go down, and the formation of the large accumulation especially for BTC will be confirmed — it will be the alarm bell indicating the beginning of a potential global volumes distribution to the significantly lower support sources. In the meantime the market is waiting for any impulse movements,’ the expert insists.
On December 1 took place the launch of the Ethereum 2.0 zero phases. The genesis block was generated and the new network’s first blocks began to appear. This event will undoubtedly have a rather positive impact on the market, but this is a long-term story that won’t be shown up immediately the expert summaries.
The market benchmark seeks to update the new historical maximum, and the market reacts to this positively. Altcoins are growing after BTC, some of them haven’t fully revealed their growth potential yet, 8848 Invest’s analyst Mark Sorokin insists.
There has been a fairly long upward movement in recent weeks. Naturally, new market participants tried to join this movement, bringing additional liquidity with them.
These participants made purchases receiving market indicator signals and buy confirmations. Thus, there was a knocking out of stop-losses and a sharp rate decline last week.
‘It’s consequence has become the new long positions accumulation at the bottom and the currently observed return of the BTC highs. Now I expect the further continuation of the market benchmark growth,’ the expert notes.
The positive dynamics return hasn’t affected all altcoins. Some alternative coins went up along with BTC. Others are still at the bottom keeping their growth potential. A powerful impulse upward movement should be expected for them.
‘The mainstream trend hasn’t changed yet. It should be expected to change after a large accumulation, which will be seen on daily and weekly timeframes. While it isn’t observed, downward formations should be considered as provocations of large market participants aimed at smaller ones. It can result in the sharp redemption and growth continuation,’ Mark Sorokin insists.
BTC is expected to update the level of $19,000 and the local maximum at $19,600, after reaching which it will be necessary to check the price reaction.
‘I am still waiting for the renewal of the historical maximum. It’s there where the potential reversal zone is located, for which, in my opinion, there are significant volumes of liquidity, a large number of stop-losses and pending trade orders, and so on,’ the expert notes.
The upward dynamics continuation for altcoins should be expected also. Those of them who haven’t begun their recovery after the correction yet will start a new trend movement. From a fundamental point of view, all the cryptocurrency industry sectors are in roughly the same position. Those of them that have drawdown more than others will gradually recover. It all depends on the investment volumes in specific projects.
The cryptocurrency market is growing again, BTC exceeded the $16,000 mark, and now is aiming to update its historical maximum of $20,000 set in December 2018, 8848 Invest’s analyst Mark Sorokin says.
Last week, the cryptocurrency market has returned to positive dynamics after a significant correction of most key tools. On Monday night, there was a strong coin ransom. The market’s benchmark BTC and plenty of altcoins get the strong upward momentum and returned to positive dynamics.
‘The important altcoin LTC, in particular, has renewed its previous high at $67. I expect continued growth for most of these tools,’ the expert notes.
BTC was also gaining the volumes needed for continued growth through a downward correction. It has resulted in a positive trend resumption.
‘Generally, the market is positive, even despite the news about the second wave of coronavirus. They don’t hurt the current BTC and major altcoins quotes, but only strengthening positive dynamics,’ Mark Sorokin says.
Local corrections are possible, but generally, it’s worth to expect the growth of almost all key market tools. BTC’s target is a level above $17,000. The volume distribution may begin there resulting in the correction.
‘I expect an update of the BTC all-time high at $20,000 soon,’ 8848 Invest analyst says.
If this long-awaited event will occur, the market may begin to form a resistance pattern, after which it will begin to decline to the previous sources of growth. An alternative scenario is the movement continuation of the and the new volumes search above the BTC record high.
‘For LTC, the target is the $84 area, for ETH it’s $650 mark, where the previous trend sources were observed,’ the expert concludes.
The cryptocurrency market continues to grow, but BTC hasn’t found strong resistance yet. At the same time, the correlation between the largest cryptocurrency and key altcoins is gradually decreasing, and the key past week’s news, the elections in the United States, didn’t affect the market in any way, 8848 Invest’s analyst Mark Sorokin says.
The crypto market has positive dynamics. The most active in the market benchmark, BTC, which has managed to reach the last few years’ maximum and has reached serious resistance so far. There was a slight rollback at the end of the week, but then this movement has been absorbed.
‘Therefore, I expect either growth continuation, which is a higher priority, or the formation of local accumulation on senior frames, including 4-hour and daily. To judge it definitely, you need to see the boundary setting and wait until the BTC price will pushes off them,’ the expert notes.
The trend movement continues for BTC, it’s the sellers’ volume maintain movement. The question is in the open interest volume and market sentiment. The largest cryptocurrency’s nearest targets are the previous local maximum at $15,200 and then the level of $16,000.
Last week the pullbacks within the trend dynamics have been observed for the major alternative coin market tools. They were standard liquidity addition kind of ‘rolled back & added’. The addition came from basic accumulations. The altcoin LTC became indicative in this sense, its price corrected to the main trade, gained volume out of there, and trying to turn up and renew the previous maximum currently.
‘For the LTC, we should expect an update of $67 and a move above, for ETH, the target is $470–490 with the further move above,’ Mark Sorokin emphasizes.
The key previous week’s event was the US elections.
‘In my opinion, they didn’t affect the industry as a whole, as there was no pause in the cryptocurrency market and there was no noticeable expectation of the outcome of the elections. The BTC price just went up, then there was a rollback, but in general, in my opinion, the cryptocurrency market lives its own life and doesn’t react to what’s happening in the USA and the world so far,’ the expert says.
Generally, the dynamics are positive, we’re waiting for the growth resumption, which may begin soon, already this week possibly.
The market keeps an upward trend, while the BTC global reversal conditions aren’t currently observed. At the same time, the altcoin market situation keeps uncertain, 8848 Invest’s analyst Mark Sorokin says.
Last week, the cryptocurrency market situation was developing in quite an interesting way. The BTC price broke the level of $14 000 on some trading platforms thus the largest cryptocurrency has reached a potential reversal zone. At the same time, it should be noted the buying culmination hasn’t been observed yet, which indicates the market will try to climb higher and find an even larger liquidity volume again, and only after that will try to form a reversal.
‘At the beginning of the week, there is a certain local correction currently, however, in my opinion, it’s formed only within the framework of the liquidity increase. Perhaps the market will be able to get this volume at the lower range and continue its upward movement,’ the expert notes.
It’s worth noting that generally, the market continues to grow. BTC reached the $14 100 level, where additional volume and some buyers’ stop-losses were found. The closest largest cryptocurrency’s target level maybe $14 500–15 000. Further, you need to look at the point where the correction will end, liquidity gain will resume, and, accordingly, growth will resume also.
‘As for the downward scenarios, I am not considering them yet, so, in my opinion, there are currently no conditions for a global reversal. The market can go down only within the framework of a correctional movement, but not as the trend one,’ Mark Sorokin notes.
Many altcoins have formed a reversal pattern, as well as sufficiently large support levels, therefore, taking into account the correction, they can further reverse and continue its upward movement. For LTC we should expect a correction to the level of $49.50. The nearest target of the largest altcoin ETH is the level of $372.
However, at present, you need to be very careful, since all local purchases can be quickly fixed, after which corrective movements will begin.
The cryptocurrency market keeps a positive trend. If BTC manages to affirm at $11 600 and form fresh support, the asset price may go above $12 500. At the same time, the key altcoins follow BTC, 8848 Invest’s analyst Mark Sorokin notes.
There is a positive view on the cryptocurrency market now, even taking into account the fact that last week the market formed sell reversal patterns with distribution to support levels at $10 500. However, after updating the nearest minimum, market participants lost their open interest, against which new accumulation began.
‘Soon we should expect for the further largest’s cryptocurrency upward movement. To confirm the buyer’s strength, BTC needs to affirm above the $11 600 marks. It will allow forming the new fresh support, from which the price may go above $12 500,’ the expert considers.
After a slight BTC rollback to the current support area, no serious actions from the sellers followed. Now BTC continues to accumulate volumes, standing in flat, but it’s likely the movement above $12 500 will continue soon. This area is more attractive for liquidity search.
‘BTC may also show a decline with a strong downward impulse, which could lead it to $9 800, the previous low and the initial source of the previous upward impulse, where market participants will search liquidity to test the next support levels and entrance to buy,’ said Mark Sorokin.
Liquidity growth continues for major alternative coins. ETH keeps in the phase of volume accumulation, but it’s worth to note the so-called ‘mirror level change’ took place within this flat trend.
‘A buying pattern has formed, which is likely to occur above the $490. The market will lead the price into this area to find sellers’ stop-losses and new liquidity there. We are waiting for an upward movement and, generally, the quit out from the flat trend to determine the medium-term market potential,’ says Mark Sorokin.
LTC has no strong volatility now, but generally shows prerequisites for further growth to the $58 level. Now the coin is testing support, out of which liquidity continues to grow, which may eventually develop into an upward impulse. We will see a move towards the source of the previous fall at the $58–60 level soon.
‘Mentioning Monero coin it’s worth noting there is nothing special could be found about it fundamentally, but technically everything it appeared to be quite natural. The historical high has been updated. If you look at the daily chart, you can see a global buy formation, so the market brought the price above $120, where the first stop-losses were triggered,’ the expert said.
Soon the volume will probably be distributed to the support level around $100 and further to the $85 area. Then it’s worth expecting price-fixing, normal quit out the accumulation and the beginning of distribution. If it doesn’t happen, we should expect the volume redistribution and continuation of the movement to $150.
The market growth at the end of last week can certainly be described as a true breakout. BTC is now in a potential area of strong resistance, we can expect the coin to go higher. The major altcoins have also made a turn and purchase formation. The crypto market needs time to calm down and acquire additional plasticity, 8848 Invest’s analyst Mark Sorokin says.
The cryptocurrency market keeps its positive dynamics, as it was expected a week ago. The BTC target level was to update $12 500. Thus at the bottom, sellers’ locked volumes were formed, it was assumed the coin will update the local maximum. In reality, BTC managed to go even higher.
‘Likely, it isn’t a false breakout, but a true trend movement. I expect a slight correction to support zone at $11 300 now, out of where liquidity will begin to pick liquidity and turn up. In a case it was a false breakout, the coin would go above the high and would try to start accumulating volumes around the stop-losses. The current accumulation is forming higher. It looks like this is a true breakthrough. We are waiting for the correction and trend continuation of the trend,’ the expert notes.
BTC is currently in a potential area of strong resistance, however, sellers haven’t reacted to it yet. The coin can be expected to go higher — to look for liquidity, perhaps in the $15 200 area, as previously suggested, or higher. Sellers can join the game there.
For major altcoins, reversal and buy formations were also realized. Last week, there was ‘mirror level change’ and now an upward scenario is being realized.
‘LTC is in the first potential resistance area. We should expect another flat trend, correction, volume accumulation, and further continued growth on it. Reaching the previous high at $67 and further growth to $84 is probable. For more detailed forecasts, we should be guided by the actual market view,’ Mark Sorokin says.
The further LTC movement can be influenced by news that can provoke market participants and become a trigger for retail investors’ actions. For other coins, the situation is similar. The DeFi sector is in a drawdown now, it has a fairly fresh market structure that needs time to load up with liquidity and eliminate ‘provocations’ observed, for example, in 2018 for BTC.
‘Other cryptocurrency market areas also need time to ‘calm down’ and acquire additional plasticity. Generally, it keeps positive, we expect the upward dynamics to continue. There are currently no major volume spikes or buying culminations. It’s indicated by the absence of large culmination candles on the BTC chart. We are waiting for a correction and continued growth,’ the expert sums up.