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Get the latest news of investment market and analysis by the crew of 8848 Invest.
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
BTC above $10 000

Last week, large and not altcoins began to move, and on Sunday, the market’s benchmark, BTC, broke the $10 000 level once again. It’s a good bid to go up from the current accumulation to the goal at $14 700, 8848 Invest’s analyst Mark Sorokin says.

Globally, the cryptocurrency market continues to accumulate positions — within borders of the current large accumulation at $8 000–10 500. The market shows a fairly positive trend, as the BTC managed to keep the current support level, where there was an accumulation of the local intermediate flat, from which BTC went up at the weekend.

‘Now the market benchmark has a good chance to go above $10 500, overcome the margin of error the sellers’ stop-losses zone and go higher to the region of $14 500–15 000. The market situation view indicates the BTC price may go exactly there,’ the expert notes.

This is one of the possible scenarios, but until the BTC hasn’t left the accumulation, it’s difficult to say precisely extent the coin will continue to grow. At this stage, sellers can join the ‘game’, which, accordingly, will move the asset price down. Then BTC will test the accumulation range from which it recently emerged again.

‘It will be an intermediate accumulation within a large flat. The market expects either a large-scale exit out of it or returns to long-term accumulation’, Mark Sorokin notes.

Altcoins

The alternative coin market is looking considerably better than it was until recently. ETH overcame its previous maximum and went higher, for this coin we should expect the upward dynamics to continue. Looking at the weekly chart, ETH is in large accumulation now.

‘This volume is accumulating at the very bottom, it’s a strong argument for future growth so we should assume the ETH can expect a large-scale upward movement. For other key altcoins including XRP, Bitcoin Cash (BCH), Cardano (ADA), and Bitcoin SV (BSV) a similar situation is observed. They all continue to grow,’ 8848 Invest’s analyst said.

Litecoin (LTC) which continues to accumulate position is out of this list. Recently, altcoin reached the level of $50, the upper accumulation border, where get the seller’s reaction and the price ceased growth in this range. The LTC can likely return to accumulation and continue to accumulate volumes. However, as the coin potential reversal zone is significantly higher, further growth should be also expected.

‘As for low-capitalized altcoins, it’s the situation hasn’t changed globally. Chainlink (LINK), Monero (XMR), VeChain (VET), Cosmos (ATOM), and other tools are at the intermediate accumulation phase after significant growth. They are expected to further quit out the flat trend, which will show the further potential of their movement,’ the expert concludes.
29 July 2020
Has ‘altcoin season’ come?

The long-awaited ‘altcoin season’ seems to be coming, but for some coins only, while the BTC quitting out the prolonged flat isn’t yet to come. The largest cryptocurrency keeps its previous long-term goals, 8848 Invest’s analyst Mark Sorokin insists.

The cryptocurrency market situation doesn’t change in principle, so it’s still premature to confirm the ‘altcoin season’ coming for all coins. The key cryptocurrency, BTC, continues to accumulate volume and its volatility has dropped sharply — almost to zero.

‘The key instruments are hardly moved. The market is looking for additional liquidity, leaving prices within the flat to attract at least someone else who would enter positions to buy or sell additional volumes,’ the expert notes.

At the same time, who exactly accumulates positions and in which direction is unknown. Therefore, it’s better to consider both options with the decline and the increase as probable. In general, BTC is expected to quit the accumulation, preferably with a strong impulse and the brand new trend movement.

‘In case of an increase, we can see the mark of $15 100, in case of going down — distribution to the support source in the region of $4 000,’ Mark Sorokin notes.

Altcoins

Alternative digital coins are in a similar situation. They also have extremely low volatility. Altcoins as a whole also form a flat trend, from which the market expects to exit — preferably with impulse sufficient for the new trend movement and ‘distant’ consolidation.

‘ETH is standing still, LTC is also standing. XRP and all other market tools are similar,’ Mark Sorokin says.

At the same time, we can note a group of low-liquid assets, for example, Chainlink (LINK), which are supported by the favorable news background during the last weeks, which allows them to continue growing.

‘I expect to stop growing for these coins in the near future, partial position fixation, and the beginning of the formation of new intermediate accumulation,’ 8848 Invest’s analyst notes.

The VeChain (VET) coin, which can be called the ‘coin of the week’ is in the same situation. Last week there was a lot of news on it, which allowed it to show impressive growth. Later, it was replaced by the correction, and now we can also expect open positions partial fixation and the beginning of the formation of new intermediate accumulation.

The possible ‘altcoin season’ arrival theme was continued at the weekend after the famous technology entrepreneur Elon Musk twitted that he believed to ‘inevitable’ Dogecoin (DOGE) growth. After Musk’s twit, the DOGE rate increased by 20% within an hour.

‘Precisely because of their limited liquidity low-liquid assets are out of our interest both as investment tools and for short-term operations, since we need certain volumes in order to look for counter deals and hedge positions,’ Mark Sorokin concludes.
27 July 2020
Altcoin market shows significant growth

The cryptocurrency market is still waiting for mainstream tools to quit out their flats while some altcoins show significant growth, which can be described as the ‘altcoin season’, 8848 Invest’s analyst Mark Sorokin assured.

Last week the cryptocurrency market situation kept stable, without significant changes. BTC keeps current flat dynamics, the most of altcoins are keep it also.

‘The mainstream trading tools’ higher timeframes, weekly and monthly ones, in particular, indicate the continuation of the formation of large accumulations. Thus, the market is still waiting for the completion of the volume accumulation and the impulse quit out of these flats with long-range consolidation and further joining the movement in one of directions,’ the expert notes.

The market is still waiting for mainstream tools to quit out flats and accumulation zones with further fixing beyond their borders.

‘You shouldn’t also forget about the ‘error zone’ at the flat areas, where the large number of market participants’ stop-losses can be found. To quit out the flat directly the coin price should overcome this area without stopping most of the participants who should save their open interest,’ Mark Sorokin notes.

Altcoins

Market sentiment keeps positive, but it’s difficult to understand who the general ‘game’ is against.

‘At the same time, some altcoins show additional activity caused by fundamental factors. Some of them showed noticeable growth last week. These are, in particular, Dogecoin, VeChain, and Chainlink. The latter even updated the historical maximum,’ the expert summarizes.

Taking into account the low BTC volatility, which is moving in the tight flat trend for the last several weeks, the current situation can be described as a local ‘altcoin season’. The main liquidity and money are located within the altcoin market now.

Fundamental

According to The Block, in June the cryptocurrency trading volumes and the trading platform web traffic significantly fell. In particular, the number of cryptocurrency exchange visitors fell by 14%, reaching a 5-month low of 98.1 mn.

14 July 2020
BTC is to upgrade $10 500 and hit $14 000

The cryptocurrency market continues to show accumulation, BTC is going to upgrade $10.500 and move to $14.000, 8848 Invest’s analyst Mark Sorokin believes.

Last week, the cryptocurrency market situation hasn’t changed dramatically. Generally, the market continues to show accumulation, which is becoming larger. A few days ago, as the BTC price reached the lower flat support level it could endure. There was the trading volumes reaccumulation and now there is a new attempt to go up and get the upper flat border.

‘Locally, it looks like a buy situation so far but within the current flat only, since there is no impulse to go beyond its borders. Thus, it’s premature to talk about who is dominating the market currently and what direction the tool will move from the global medium-term perspective. There is purchase within the flat globally so far,’ the expert notes.

Generally, the market participants can keep these support ranges, which will allow them to get out of this accumulation up. However, while the BTC price is in the previous resistance range the likelihood of further decline and distribution to a local support level in the region of $4.000 increases.

‘There is a ‘game’ between two large accumulations now. The top at the range starting at $14.000 and ending at $20.000, and the bottom one in the region of $3.200–5.000. The BTC rate can reach $14.000 and only after it will fall to the region of $4.000, expanding the large local flat boundaries. Movement in this range will continue and may drag on for a year or more’ Mark Sorokin said.

Generally, the dynamics are quite positive still, apparently, the BTC will be able to update $10.500 and try to continue moving to $14.000. An alternative scenario is fixing the upper accumulation limit, false breaking the level of $10.500, returning to the flat, and falling to the $4.500.

Altcoins

Alternative coins also show positive dynamics. The weekly chart indicates most of them are at the very bottom globally, at the main growth sources, which were designated to accumulate a few years ago.

‘The probability of their upward movement is increasing. I expect most altcoins will show the global upward momentum — they will quit the accumulation ranges upwards and continue their growth,’ the expert notes.

VeChain coin is an example, it shows the quitting out the large accumulation upwards and continuing growth at the weekly chart. The altcoin market also keeps positive dynamics, which means that we should expect the growth of most market tools in the medium term.

07 July 2020
Accumulation may take several weeks

The cryptocurrency market keeps a flat trend, but upward momentum is still probable. At the same time, the altcoin market follows the market driver — BTC, 8848 Invest’s analyst Mark Sorokin said.

Over the past few weeks, BTC has continued to shape flat. This is a rather large accumulation quite big volumes are ‘loaded’ there. The market froze in anticipation of exit out of it.

‘The impulse can have any direction, either up or down, depending on against who the market will be led — buyers or sellers. It will be clear after quitting the trading range and the error zone,’ the expert notes.

BTC didn’t keep the upper support level and went down. It will be followed by a downward movement to the lower flat border at $8.000. The market reaction to this movement is important. If there will be a large number of buyers’ stop-losses, using which market participants will get the ability to re-accumulate positions, owing to it the price will return to the flat borders.

Altcoins

Alternative coins also keep the flat trend without significant changes. The major altcoins positions, the ETH and LTC, depend on the BTC price direction, which performs market driver role.

‘Altcoins will move according to the BTC price direction. I am sure there will be no de-correlation. The largest cryptocurrency and altcoins are unlikely to go in different directions. If BTC will fall, the altcoins will follow it, in case it will grow, the market will go upward,’ Mark Sorokin notes.

You should be carefully foreseeing the timing and direction of quitting out of the flat. It will depend on the time when the required liquidity will end and all transactions at this range will be completed. This process may take several months.

Fundamental

According to the Vice-President of the European Commission Valdis Dombrovskis, the EU developing the new cryptocurrency industry regulating rules, which will allow the EU to become one of the digital finance leading regions. The legislation introduction will be phased. EU will introduce cryptocurrency regulation firstly.

30 June 2020
BTC keeps goal at $14.000

The market keeps stability and prepare for a momentum upward movement, the global goal is the level of $14.000 still, 8848 Invest’s analyst Mark Sorokin believes.

Last week, the situation at the cryptocurrency market kept unchanged. BTC and other major trading instruments are at flat trend. It can be noted the market ‘preload’ by buyers. Some trading ranges are held by buyers, they are expected to reach the top.

‘The primary BTC goal is the $14.000 still, we’re waiting for the quit upward. In order not to guess, you need to wait for the actual quit out of flat. Price can go either up or down. It’s the impulse movement that will properly assess the prospects,’ the expert notes.

Generally, BTC keeps positive dynamics. Pressing to the upper flat border, which can be defined as hidden accumulation, BTC shows the prospects of overcoming the upper flat border and further upward movement.

Altcoins

The largest altcoins are also located in fairly wide flats with certain ranges and borders.

‘In general, they are formed at the bottom, so I expect they will go up and continue growing,’ the expert concludes.

Fundamental

Late last week, trader & technical analyst Peter Brandt offered the ‘millennials’ a plan of their financial welfare improving. He advised ‘to keep away’ the Ripple coin, invest 10% of it’s income to BTC, and monthly buy high-quality technology companies ETF. Among other expert’s advices are to purchase real estate and find a reliable additional income source.

The same time, Ripple became another of four dozen members of recently created Open Payments Coalition consortium, which will launch & support the global PayID payment system. Due to the use of universal payment identifier transfer process within will be as simple & fast as ‘sending an email’.

Also last week, head of Galaxy Digital cryptocurrency bank Mike Novogratz said the institutional investors attention to digital assets will push BTC to the growth which is expected in the next 6–24 months. The billionaire is convinced the major players joining the market will launch the industry brand new stage.

24 June 2020
BTC is gaining volumes for breaking $10,500

During the week, the market situation has been kept stable, but on Sunday BTC resumed its decline to the flat lower border. BTC has returned to support borders, where it can gain additional volume to update the maximum at $10,500, 8848 Invest’s analyst Mark Sorokin believes.

Last week, the situation in the cryptocurrency market hasn’t fundamentally changed. On Sunday evening, the BTC price resumed its decline from the flat upper border to its lower one.

‘It’s worth noting there are ‘protected’ support levels within this accumulation. They will be protected by large market players. It’s what caused the current decline to the lower flat border. I don’t exclude the possibility for the BTC rate to don’t reach the lower flat border this week. The local upward reversal on Monday afternoon has occurred,’ expert notes.

Generally, the cryptocurrency market visually continues to accumulate volume, which will make the BTC price to move between the upper and lower flat borders. The further market growth scenario is still possible, as the BTC has returned to the support borders. Out of there, BTC can gain additional volume to try to finally upgrade the maximum of $10,500.

‘The alternative scenario assumes breaking through the support border and reaching the level of $7,500–8,000, where the BTC price will hang for the accumulation of new trade volumes. The further main ‘work’ will occur within this flat. It’s worth analyzing the forming of large market participants’ positions within this range,’ Mark Sorokin notes.

It’s highly likely at the current support level, BTC will get the necessary volume to go higher and try to update the level of $10,500 with no false breaks. In the way, the buyers’ positions are closed at this level.

Altcoins

The situation is similar for ETH, LTC, and other major altcoins. The prices of most of them ‘fell’ down, ETH reached a potential reversal zone, where the market received additional liquidity and dropped the coin price.

‘ETH now requires a new volume gain. The prices of LTC, NEO, and other major altos also reached local reversal zones and went down to the nearest support levels out of there,’ expert summarized.

Fundamental

According to the dutch trader from Michael van de Poppe, by August ETH will cost $300. Potentially ‘dangerous’ maybe occur the price drop to $ 210–220, however, a bullish scenario with the goal at $250 remains more likely. The closest resistance level is at $280 after there will be no hindrance to movement to $300.

According to the Sino Global Capital company, more than 100,000 retail and institutional investors in China bypass the cryptocurrency trading ban using USDT tokens. Since the beginning of 2020, Tether has issued 5 bn of USDT, its market capitalization has grown to $10 bn. At the same time, stablecoin is very popular in China.

19 June 2020
The upcoming BTC movement will be enduring and long-lasting

BTC keeps within a large flat, sellers who hoped for the fall continuation didn’t get it. The largest cryptocurrency formed a large accumulation, which will lead to powerful & long-term movement, 8848 Invest’s analyst Mark Sorokin believes.

Last week’s market outer view for BTC didn’t change significantly. The coin price continues to form a large long-term flat at the resistance area. It is worth mention that within this range the support zone formed from which the BTC price rebounded. This is the region of $8,700–8,800. There are unprofitable holders in this area — sellers who hoped for a further fall, but it didn’t happen this week.

‘The BTC price rebounded from this range and returned to local resistance within the flat. Now, this kind of ‘micro flat’ is forming within a large accumulation. Until this sidewall is dissolved, it’s difficult to point the market sentiment direction’, the expert notes.

The market will push out from accumulation exit, which will be a single movement without any false breaks. The BTC price will either break through the top or go down and distribute the volume at $5,500–6 000.

‘Another expected scenario for the market situation development will be the renewal of the level of $10,500, as there are supposedly stop-losses & liquidity, which the market wouldn’t mind to ‘touch’. We are waiting for coming out the current accumulation,’ Mark Sorokin said.

The market keeps a positive trend generally. BTC shows a rather large accumulation, so the upcoming market movement will be strong and quite long. Next, it should analyze the strength and nature of the coming out of this range.

Altcoins

The largest altcoin also maintains a positive trend. ETH unexpectedly come out the flat up, but after a slight impulse the upward movement slowed down.

‘Looking forward to reaching the reversal zone at the $253. I think the scenario of further continued growth realizing now. Soon we should expect a test of the nearest resistance level in the region of $253–260,’ the expert said.

At the same time, LTC volatility decreased to its minimum values. Part of the money left the market. The coin price forms a characteristic wide enough flat. It is expected to coming out and consolidate at this range. LTC’s prospective looks unclear.

“XRP is in a similar situation. It bounced a little and began to form a large flat. We are waiting for the coming out of it. It would be nice for the coin to go higher, but the market has no strength enough for it yet. We will start from further market view. So far, the reversal zone at the $0.2475 seems to be a target goal. The lower support zone limit is $0.1536,’ Mark Sorokin summarizes.
04 June 2020
BTC moves within a range of $8 200–10 100

As the market confirmed the upper flat border on the 18th of May, on Monday night the BTC rate continued to decline to the lower one. Under these conditions, the most likely scenario is the continuation of accumulation within the flat movement, 8848 Invest’s analyst Mark Sorokin believes.

Last week, the main scenario for BTC was the flat trend formation with borders at $8 200–10 100. The BTC price of BTC keeps within this accumulation, but last week it wasn’t quite clear this is exactly the flat. Current market observations confirm this.

‘The reason for the Monday’s night BTC decline to $9 000 was the nature of the price movement from the flat’s upper border to the lower one. Reaching the expected upper flat border at $9 900–10 000, the BTC price confirmed it and bounced down. Now BTC continues to decline towards the lower flat range border to the level of $8 000,’ the expert notes.

At the same time, according to him, the main scenario for BTC is to achieve $8 000, preferably with a false border breakthrough, and return to the accumulation range. Further, the price will return to the upward movement to $10 000. The scenario of updating the range of $10 500–14 000 is relevant still. But, since the BTC price is already going to flat, you need to wait for the exit out of this accumulation, consolidation beyond its borders, and only after it will be possible to assess the BTC rate movement prospects.

‘There is the capital flow at the market. Serious money accumulates at the top, indicating the irrelevance of the lower support level. Big players close their longs, the probability of the BTC falling to $5 000 is keeping. The distribution up to$5 500 is becoming increasingly relevant for BTC. This scenario can be called one of the most likely in the medium term,’ Mark Sorokin emphasizes.

The key performance goes inside this accumulation, the flat trend boundaries at $8 200–10 100. While the BTC price keeps within this accumulation, it’s difficult to make further forecasts, since their probability remains 50 to 50. The price can go either up or down. The most probable scenario is the false break of $8 000, return to the flat, and continued accumulation.

‘Another scenario is the volume distribution, fall to $5 500 or even lower, complete momentum distribution decline to $4 000 and moving higher to the level of $14 000 after, for example, a false breaking through of $8 000,’ the expert notes.

Altcoins

The large accumulations formation goes at the alternative coin market. Key altcoins, ETH, and LTC couldn’t overcome the current resistance levels.

‘They make us state the fact of the further formation of the new accumulations and new wide range flat,’ the expert summarizes.
27 May 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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