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Get the latest news of investment market and analysis by the crew of 8848 Invest.
BTC is seeking to update the maximum

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.
19 November 2020
BTC hasn’t reached the strong resistance yet

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.

Altcoins

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.

Fundamental

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.

11 November 2020
The probability of a corrective downward movement is keeping

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.

Altcoins

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.

11 November 2020
BTC needs to affirm at $11 600

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.

Altcoins

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.

30 October 2020
The market needs time to calm down

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.

Altcoins

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.
30 October 2020
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 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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