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Get the latest news of investment market and analysis by the crew of 8848 Invest.
BTC moves to $12 500

BTC started to rise again last week. The case of the Bitmex exchange played mainly in the large market players’ hands. Following BTC, key altcoins also started to move up. Generally, there is a positive situation on the market, 8848 Invest’s analyst Mark Sorokin says.

The cryptocurrency market situation developed quite curious last week. There was a volume redistribution for many coins. The money from the last upper resistance, from where local downward quit out has occurred earlier, flowed into the current flat, from where the upward quit out has occurred.

‘Retail began to close its positions, giving new liquidity to large market participants so they could buy it all back. It was expected, but before the quit out from this intermediate flat trend it was difficult to assess this movement prospects generally,’ the expert notes.

Now we should expect the BTC price to update the level of $12 500. The market may stop again there, as the coin would stumble upon a large number of stop losses again. Thus, this entire structure will grow into large accumulations, so you need to follow the actual market development.

‘As soon as any flats will be formed, it will serve as a certain clue for further medium-term market movement. For now, we should expect the BTC movement to $12 500 and renewal of this maximum,’ Mark Sorokin says.

Altcoins

There is a similar scenario in the altcoin market. LTC has made a buy reversal formation with sellers’ volume locked and thus the coin can reach the $58 mark, where it can stick again. In this zone, LTC will begin to form new accumulations.

‘Generally, we are waiting for the end of the impulse, after which we will face another flat, accumulation and gaining additional liquidity sequence,’ the expert emphasizes.

Fundamental

The prediction we discussed last week has been correct obviously. The Bitmex exchange was exposed in the incorrect use of the KYC/AML procedure, and many other violations were found, the trading platform didn’t have a license particularly.

‘This situation has played into the large market participants’ hands. Under the pressure of this information, retail traders began to close their positions actively, respectively, large players were able to gain volume on it and clear a further path for the future BTC growth,’ Mark Sorokin says.

Thus, the closest BTC mid-term target is $12 500, for LTC it’s $58, and $500 for ETH. There is a positive situation on the market, a global reversal is unlikely, and there are no accumulations sufficient to provoke a great fall. It makes it possible to predict the cryptocurrency market further growth with a high degree of probability.

13 October 2020
The current market situation may persist for months

The cryptocurrency market continues to accumulate volumes for a future rally. A similar situation for most altcoins observed, while the fundamental background is ambiguous still, 8848 Invest’s analyst Mark Sorokin believes.

The overall market situation hasn’t changed over the past week. The volumes accumulations continue, they are quite large already. The hourly chart allows us to see there are a few smaller accumulations both for BTC and other key market tools within the current flat.

‘Speaking about the further market situation development, we should firstly expect a quit out from this accumulation. Since the liquidity is being drawn up, it’s difficult to say who will eventually lead the price, the buyer, or the seller. For this, an imbalance must form, and we’re waiting for it to come,’ the expert notes.

As the cryptocurrency market liquidity volume in comparison with other financial markets leaves much to be desired still, it’s worthless to expect serious dynamics in the close future. In its current form, the market can stand for another month. It’s worth starting with the current situation and working within the accumulation formed the present flat boundaries and watching carefully who will take the initiative — the buyers or the sellers, who has enough money to bring the BTC price out of this flat.

‘In general, it should be noted the market is squeezed within the range of previous resistance and support, and useless to create its mid-term development plan. It’s necessary to wait for the complete resistance or support cancellation to consider further the option of joining one of these tendencies,’ the expert notes.

At the moment important BTC areas are $10,900 and $10,300. Currently, this is the range which price needs to overcome to continue its either decline or rise. To make sure the BTC price is ready to go up, it needs to overcome the nearest resistance and get a little higher. Only after you can make any clear predictions about it.

Fundamental

Generally, the fundamental background is ambiguous still. Soon, we will be able to see further market growth under the influence of the one fundamental factor. Last week, it became known the one of the major cryptocurrency exchange BitMEX faced problems with KYC/AML, massive failures of work, and a lack of registration. All this played into the large buyers’ hands while most of the retail traders — they were more sold after this news.

‘They got scared. Accordingly, large participants were able to redistribute this volume and re-accumulate their positions. Further, we have already seen growth. Such reversal patterns were formed on almost all liquid tools. I expect further growth,’ Mark Sorokin emphasizes.

Altcoins

After the last sharp drain, alternative coins were also able to redistribute its accumulated volume and form locked areas with sellers, from out the price moved up. The additional volume appeared that market participants kept within the market and which helped to shape this reversal.

‘We should expect the continuation of a positive dynamic for the alternative coins. For ETH, an important area is the range of $390–310. It’s the current flat trend boundaries, the impulse breaks through this range, and consolidation beyond the error zone will indicate a mid-term market situation development — a further decline, or growth resumption and move to previous highs testing,’ the expert summarizes.
07 October 2020
Market growth resumption

The market continues to move forward, altcoins are recovering following the BTC, and the DeFi sector keeps it the market driver role, 8848 Invest’s analyst Mark Sorokin says.

The cryptocurrency market resumes an upward trend. Positive dynamics for almost all major cryptocurrency tools are observed, they form intermediate accumulations and an upward impulse movement, or even, possibly, breaking past highs can be expected soon. There are two target goals for BTC. The first one for $11 400 and the second one for $12 500, the current balance may change there.

‘It’s a relatively distant prospect still, not for today or tomorrow obviously, but for next week or later perhaps. Generally, I expect growth, but before I don’t exclude the buyers’ stop-losses knockouts and small local sharp corrections beyond the previous support levels,’ the expert notes.

Generally, we can count on an upward movement, previously accumulated volume redistribution, and the previous highs renewal. The fall scenario is unlikely, BTC may drop to $10 550, where the fall may stop.

Altcoins

The altcoin market situation is quite similar. In September, on the background of the BTC fall, alternative coins corrected quite deeply to the main supports, faced volumes increase there, which will allow the market to resume its upward dynamics.

‘After this correction, the entire market will resume its growth and continue the upward movement. In my mind, the supports have practically formed, with their little help, nothing prevents the market from continuing its growth and breaking the previous resistance. At the same time, you need to follow the current view and assess the situation exactly as it develops,’ the expert notes.

LTC is expected to rise above $51,30. ETH target goals are $394 and $418.

Fundamental

Fundamentally, the DeFi sector is still relevant and keeps its market driver role. The key tokens’ potential growth attracts new players to the market. Sharp plums and dumps occur since buyers aren’t allowed to enter positions at a favorable price and price dumped down for getting additional liquidity and making new growth wave.

‘In general, the cryptocurrency market keeps positive dynamics. Flat trends are observed for the major tools so far, but it’s only a matter of time. We will see further market growth soon’, — the expert summaries.
29 September 2020
Local calm at the market

There is a local calm at the market. The trade volumes are gaining, this will proceed with further impulse movement, which direction will be clarified in the coming days. At the same time, BTC keeps its goal target at $11 400, 8848 Invest’s analyst Mark Sorokin says.

Over the past week, the cryptocurrency market situation hasn’t changed significantly. It’s worth to note a quite small upward rebound after a large drain, observed in early September. Last week, the BTC price went up again, now the tool is returning to the previous large accumulation area. The fall appeared to be its lower border expansion. Buyers used their stop losses, providing the additional volume gain. Later these sales were bought out by other market players, and the BTC price resumed its growth.

‘The key cryptocurrency is locked within a large accumulation again. Now the key BTC goal target for is the current flat borders at $10 600–11 100. We can only wait for its quit out of accumulation. The impulsing quit out will indicate the local tool dynamics for the next few weeks. I am still focusing on the $11,400 mark, as a potential sellers’ stop-losses area, where the current BTC market balance may change,’ the expert said.

At the same time, the possibility for the market to gain volume from the previous resistance and resume the downward movement can’t be excluded.

‘So far, in terms of dynamics, I am leaning on the neutral scenario. While the flat trend goes on, it’s impossible to say for sure whether buyers or sellers prevail, so you need to wait for quit out from accumulation or continue to work within the flat trend instead,’ Mark Sorokin notes.

Altcoins

The altcoin market situation is identical. ETH, LTC, XRP, and other top-20 rated cryptocurrency tools are forming accumulations. It’s necessary to wait for its finish, which will indicate the further coin’s movement direction for the
next few weeks.

‘In general, there is Local calm at the market. The volumes are gaining, this will proceed with further impulse movement, which direction will be clarified in the coming days’, the expert summarizes.
28 September 2020
‘Fifty-fifty’ situation

Although BTC managed to stabilize over the weekend, the market is in a ‘fifty-fifty’ situation still. The past purely corrective movement is likely will be replaced by new growth, 8848 Invest’s analyst Mark Sorokin says.

Over the weekend, markets have more or less stabilized after the last strong drop. Traditionally, almost all instruments are now showing the formation of the new accumulations. Now we should firstly expect the complete volumes accumulation end, which will be followed by new impulses and flats quits out for each market tool.

‘Indirect signs indicate the ‘fifty-fifty’ situation developing at the market now. It’s difficult to indicate the BTC movement direction. Firstly, during the fall the coin didn’t reach important support areas, stopping someplace in between,’ the expert notes.

At the same time, the previous accumulation minimum, the resistance had formed earlier, was updated. Thus now we see the previous flat border and a return to it.

‘As part of the growth, I consider the option that BTC will move to the level of $11 400. In the case of the fall the resumption, the BTC will likely reach the level below $8 000 and renew the previous accumulation’s minimum. Now the market is suspended waiting for any action from buyers or sellers,’ Mark Sorokin says.

Altcoins

Altcoins will depend on BTC situation development. If the movement resumes, the major alternative coins will start moving after it. Some of them, NEO and Binance Coin, in particular, showed positive dynamics in the past few days, outperforming the market with significant gains.

‘Overall, I have a positive attitude still. BTC hasn’t reached the global reversal zone. In my opinion, this is a purely corrective movement, which will eventually be replaced by an upward movement to $14 700 and higher. The market may go lower to try to redistribute volumes there, but it’s a less likely scenario. Generally, I expect BTC to go higher and update its previous highs,’ the expert notes.

The situation is ambiguous, so only intraday forecasts make sense, and work is only possible inside within flat trend.

28 September 2020
The market in the volume distribution phase

Last week, BTC lost about 10% of its value, reaching the level of $10 000. The cryptocurrency market is entering the primary volume distribution phase soon we can expect a decline followed by the formation of new accumulation, 8848 Invest’s analyst Mark Sorokin says.

Last week, the cryptocurrency market was unable to support further upward movement. Local volumes distribution has begun, buyers with their orders were locked, and the BTC price began to return to the previous source of growth. The current rate at the level of $ 10 000–10 100 can be a benchmark for the BTC. We can say the market reversal will be formed only due to the new accumulation, which takes time, perhaps even more than one month.

‘If the market plunges into the support level, into its source more deeply, BTC may drop to the level of $9 500. It’s worth considering that buyers who opened their purchases at a coin price of $11 000–12 000 ‘hid’ their stop-loss orders below $8 800, possibly down at $8 000. The first buyers’ stops may be found there, so BTC will distribute volumes and look for new liquidity precisely there,’ the expert notes.

The current market structure may rise into a global flat trend with very wide boundaries. The upper one in the area of $10 000 and the lower one at $4 000. Therefore, we can see another significant fall, after which the lower flat trend border can be confirmed and a new upward movement will begin.

‘It’s more about global perspective, but now it’s clear the further movement requires new liquidity and a new flat. Shortly, BTC will be at current levels without any serious impulse movements,’ Mark Sorokin emphasizes.

The BTC drop last week is a negative event. The market makers’ stop-losses worked, and the new buyers’ liquidity made it possible for large investors to redistribute volumes and begin to decline.

‘However, it’s worth noting the flat trend from which the fall has begun, in my opinion, isn’t large enough, therefore the corrective movement is possible, with further dynamic BTC growth,’ the expert notes.

Chainlink

For this altcoin, a new volume distribution begins. The market has locked buyers, so we should expect a decline to the previous growth source at $8 and below $4.30–4.50. The market can distribute volumes up to this range, then a new flat formation and a new upward movement will follow.

‘It should be noted when the market goes to maintain open interest, so when there’s an impulse no rollbacks, usually it all traded in the opposite direction. There are quit out the flat on keeping the sellers’ open interest for the LINK token now. When the coin reached $20, they safely quit the market, and coin price began to decline, a new distribution began,’ the expert notes.

Polkadot

Last week, the Polkadot altcoin has reached $3.5 bn of market capitalization which allowed it to bypass Bitcoin Cash, Binance Coin, Litecoin, and many others and to take the 7th place in the Coinmarketcap digital currencies ranking. At the same time, given the small age, its movement chart existed quite recently and there’s not enough objective data to evaluate the project.

‘It smears the DOT technical view. There was open interest retention without any serious rollbacks, after which the movement to $15 continued, and the tool was abruptly drained there. A long flat movement will form on it, only after which a significant price change can be expected,’ Mark Sorokin summarizes.
08 September 2020
BTC in the global reversal zone

The crypto market is showing positive dynamics again, the key tools growing and will soon go beyond the accumulation zones upwards, 8848 Invest’s analyst Mark Sorokin says.

Last week, the cryptocurrency market showed a flat movement. Then there was a resumption of positive dynamics at the weekend. Describing the market view as a whole, you can see the continuation of accumulation for most of the tools except for low-liquid altcoins.

‘The flat trend continues for BTC, ETH, XRP, LTC, and other key coins. We can talk about local buying reversal patterns within these accumulations, so I expect a slight correction to supports with the further resumption of growth,’ the expert notes.

From the point of the longer perspective, we should expect the impulse to quit out these accumulations. The BTC price moves between the lower and upper accumulation borders, expanding it. In the future, an impulse quit out is expected.

‘Generally, speaking about the medium-term dynamics, global reversal zones haven’t been reached, so I expect an upward movement. BTC target levels are previous sell-offs areas from where the last major drops began. There is a large number of stop-losses now, these are promising areas to change the balance and start the local distribution again with a decline which will last for several months,’ the expert notes.

Upward movement and reaching these areas should be expected. It’s $14 700–15 200 for BTC, as there is little spillage for this range. It’s $84–85 for LTC. The previous ETH drop started at $800, so the price may rise there.

Fundamental

Over the weekend, the first crypto billionaires, Gemini exchange founders the Winklevoss brothers named the reasons for the future BTC rally to $500,000. They insist gold, dollar, and oil are losing their positions. Traditional protective assets are piling up problems that are set to skyrocket the largest cryptocurrency value.

YEarn Finance project’s DeFi token YFI rose in price to $38,000, while its capitalization exceeded $1 bn. Despite a further correction to $32,700, YFI grew by 644% over the month. The weekly growth was 131%, with 66.6% of a daily one. It allowed the token to surpass the Dash cryptocurrency by market capitalization and get closer to the DeFi industry leader, the AAVE token.

03 September 2020
No prerequisites for a sharp movement

The market keeps positive sentiment and the formation of large accumulations for the major market tools is observed with a possible further quit out to the top. At the same time, BTC is steadily moving towards the level $ 14 700–15 200, 8848Invest’s analyst Mark Sorokin says.

For almost all major market tools demonstrate the formation of large accumulations that last for several weeks. BTC price shows characteristic signs indicating attempts to quit out the flat to upward direction. This, in particular, is the BTC compression to the upper flat border, which is being formed now.

‘Buyers form and protect support levels, thereby preventing the price from returning to this range and leaving an active open interest in supports. A locked volume is formed, thus large buyers keep this range,’ the expert notes.

The market view is quite similar to the previous week in general. BTC is still expected to move up to the level of $14,700–15,200. If there be no large number of stop-losses in this range, the coin price will continue to move to $17 000, where the previous local maximum was formed.

‘We expect further BTC growth now. Most likely it won’t be sharp, and won’t be accompanied by significant impulses, as this movement is the trend and assumes constant rollbacks,’ Mark Sorokin points out.

Altcoins

The situation is quite similar to the altcoin market. ETH is trying to get out of the global flat trend visible on the weekly chart and gain a foothold above its upper border. If he succeeds, the coin will continue to rise to $800–860.

‘LTC forms flat also, but, generally, I expect further growth, as its nearest global reversal zone is above $80. Accordingly, I don’t think the market balance within this range will change significantly. It’s expected to rise above $ 80 with the next resistance range around $130’, — 8848 Invest’s analyst says.

XRP is in flat also, but its further growth is expected. The view is positive even taking into account local declines, which can be counted as a positive sign. This is an opportunity for buyers to get additional liquidity, provoke the new sales openings, which will allow loading into the market additional liquidity, and continue the upward movement.

‘We are waiting for further growth, and the trend structure of the movement of the tools indicates the absence of prerequisites for a sharp movement. Movement with constant pullbacks is more likely to gain additional liquidity from the support level,’ the expert summaries.
25 August 2020
Keeping the goal at $14 700

The market as a whole is in flat, although the upward movement is the priority still, while BTC keeps its goal at $14 700, 8848 Invest’s analyst Mark Sorokin says.

Last week, key digital assets at the cryptocurrency market formed new flat trends. Their formation is already quite obvious, as started a few weeks ago the buyers’
stop-losses knocking out continued with the accumulation of trading volumes.

‘Usually, such keen dump evaluates into a ‘saw’ and volumes start to accumulate again,’ the expert notes.

The new BTC flat borders remain unchanged. The lower one at $10 500–10 600 and the upper one at $12 000–12 200. The market is waiting for an impulse quit out of this accumulation and consolidation higher. While the price is accumulating volumes, the market has no priority — BTC can go both up and down.

‘By indirect evidence, we can conclude there are such priorities still — an upward movement, so soon we can see the BTC will get the range of $14 700–15 100, with further another trading volumes redistribution and new market decline,’ Mark Sorokin believes.

Altcoins

The altcoin market situation is quite similar. ETH holds the best of all, showing noticeable positive dynamics last week. The coin’s weekly chart shows its attempts to quit out the wide flat trend with borders at $300–420. After a sharp dump, the market set the new ETH’s savings borders.

‘LTC which doesn’t go down, but has no aspiration for growth also looks outstanding of altcoins mass. The coin is in the lingering flat now. This is kinda ‘lagging’ token, with intend to get ahead shortly and become one of the few alts which will demonstrate good performance while the market will ‘stagnant’, 8848 Invest’s analyst says.

The situation didn’t change significantly for other coins last week. They are in flat trends mostly. Quit out of them and consolidation at new levels is expected. At the same time, the priority to purchases should be given thus the market is likely to grow.

“Fundamental news has generally less market impact. Priority is given to market sentiment, technical factors, and the liquidity volume currently loaded into the market,’ the expert summarizes.
11 August 2020
True quit out the flat

The BTC price has finally quit out of the protracted flat trend. Technical factors indicate this quit out was true. The altcoin market is also growing steadily, 8848 Invest’s analyst Mark Sorokin believes.

There is a rather interesting situation in the cryptocurrency market. At the moment, we can state the fact of quitting out the large flat trend, which was expected for several months. There was a fixation above it, while the price didn’t test the upper flat trend border, which indicates the situation can be considered as the true quit out the flat movement.

‘The market didn’t allow to quit out participants who ‘were sitting the sale’ and accumulating the liquidity of these purchases, but went up to $12,000. Later buyers were provoked and merged into the potential stop-losses zone, at the new accumulation minimum’, the expert notes.

The new flat trend border — the upper one at $12 000–12 200 and the lower one at $10 500–10 600 has formed. Presumably, it will be an upward quit out, as the price movement structure and patterns indicate the provocation of buyers.

‘It was buyers, retail ones, who hindered the BTC growth, and market makers merged them into the ‘stops’ zone. They get their ‘stops’, so we will see further movement. As I assumed earlier — up to $14 000’, Mark Sorokin notes.

The BTC price began its decline keeping the buyers’ volume, which indicates the temporary nature of this movement, therefore, in any case, preference will be given to purchases. Generally, BTC, as the industry’s driver and benchmark, has more pronounced formations and continues to dominate the market.

Altcoins

The similar situation at the altcoin market is observed, but with a different scale for different tools. In particular, after quitting out its accumulation ETH formed a new flat trend. Potential retail buyers were also merged into the stop-loss zone within it.

‘ETH is moving towards the main source of the previous decline, at the $630, but most likely the market will overhigh this accumulation and the price will be above $840. As for the decline, if the flat will return, the decline to the $150 area is expecting the market’, the expert notes.

XRP is in a similar situation, but in the current condition, it has more positive dynamics and the little larger movement. The coin is moving to $0.39, the previous resistance source, but it will be no open interest there, it will go above $0.51, while the possible decline is still limited by the $0.1660 level.

‘At the same time, last week LTC was slightly slower as for movement and liquidity formation. The coin reached the level $65, a potential reversal zone, where the purchase was fixed by local participants, later the price went down to the stop-loss zone at $51–52. LTC is expected to resume its growth,’ the expert summaries.
07 August 2020
The articles above are not intended as professional investment, financial or legal advice and should not be taken as such. These articles are intended strictly for purposes of information. We recommend that you consult with a trained professional before making any decisions which will be suitable for your specific needs.
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