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Get the latest news of investment market and analysis by the crew of 8848 Invest.
Key tools updating its highs

BTC updates the highs along with most altcoins. In general, the digital asset market sentiment keeps positive, so we should expect further growth of the key market tools 8848 Invest’s analyst Mark Sorokin says.

The digital asset market situation developed predictably last week. Most market tools have updated their previous highs. This is especially true for ETH, which continued its upward movement after the local provocation. LTC also rose to $260 this weekend, which is higher than the previous high, out of which the last pullback was observed.

‘BTC is getting close to the $62,000 mark, but it’s constantly rolling back, knocking out the buyers’ stop-losses, so generally, the coin holds the growing dynamics. This week, we should expect the implementation of the correction phase for the market benchmark,’ the expert notes.

Breakthrough

Last weekend, the market’s attention was focused on two altcoins, which showed a noticeable increase. They are primarily Binance Coin exceeded the $600 level, and XRP reached the $1.5 level.

‘In my opinion, this is quite a serious achievement. The market participants have been waiting for it for a long time and finally, this scenario has been realized. Globally, the market sentiment keeps positive, aimed at buyers, so we should expect the key tools further growth,’ Mark Sorokin says.

Targets

Speaking about the short-term targets of the digital asset market’s key tools it’s worth noting the $300 level for LTC. Firstly, it’s a round number, and secondly, the new resistance formation is likely at this level. There are no clear benchmarks for ETH, as the altcoin has set a new historical high.

‘We are focusing on the previous flat height at the level of $2,300 so far, where we should expect a correction. For BTC, we are waiting for an update of the $62,000 mark and moving higher, at $65,000. For XRP, the quit out the large accumulation is still being implemented, so I expect consolidation at current levels and continued growth — to update the historical maximum in the area of $3.0–3.7,’ the expert summarizes.
13 April 2021
ETH fails to fix the success

ETH updated its historical high, but couldn’t hold on to the top and continue to grow. BTC is on the threshold of updating it’s high, while altcoins have slowed down their growth, 8848 Invest’s analyst Mark Sorokin says.

Over the past week, the digital asset market situation hasn’t changed significantly. BTC is getting closer to its historical high, but can’t update it yet. The local accumulation formation will continue this week, the asset price moves within the range of $57,100–60,400. It may be followed by a move higher and an attempt at the previous historical high updating at $61,500.

‘Previously, there was a lower flat border extension, so we should expect an upward movement now,’ the expert notes.

Ethereum

The key past week event is the update of the historical maximum of the key altcoin, Ethereum. However, it’s worth noting the coin failed to consolidate and fix this success. The ETH price growth slowed down immediately after breaking through the upper flat border.

‘Apparently, we should expect a correction of the coin to the previous support level now. This is a range of approximately $1,900–1,800. In this area, most likely, there will be an attempt to gain liquidity, after which the coin growth will resume,’ Mark Sorokin notes.

Altcoins

LTC is much less liquid than ETH, so its market movements take longer, and ‘drains’ to gain additional liquidity and resume growth occur much faster. For LTC, we should expect the growth to resume and reach the $250 level.

‘XRP reached the reversal zone around $0.65 again, where there was a partial fixation of positions. Stop-loss orders triggered, and previous long positions were fixed on them. I think the price won’t stop at this level. I am waiting for a call above $0.8, where there will be an attempt to find new liquidity,’ the expert notes.

The option of XRP move to gain liquidity at the previous support level isn’t excluded also, but it isn’t observed so far, we should expect continued coin growth.

13 April 2021
Positive sentiment returns to the market

The formation of new uptrend movements for most major market tools is observed now. Positive sentiment is returning to the market, and we should expect an update to the historical highs of BTC and key altcoins, 8848 Invest’s analyst Mark Sorokin says.

The redistribution of previous sales volumes last week has occurred once again, resulting in accumulating new purchase positions.

Most market tools are forming new uptrend movements currently. In particular, BTC formed a new accumulation, expanding the lower limit of the previous one. The coin has gained volume from the previous support ranges and is trying to overcome the $57,000 level and go higher.

‘I expect the market benchmark to reach $61 000–62 000. It needed new liquidity to turn up and try to update the historical high, so the market gets liquidity in the previous accumulation area,’ the expert notes.

Altcoins

There is quite a similar situation for ETH. The key altcoin’s current accumulation boundaries have expanded and a reversal has begun.

‘So the previous volume redistribution has occurred by a decrease. It’s worth waiting for the ETH historical maximum above $2,050 shortly. But now it’s difficult to say how quickly it will happen,’ Mark Sorokin says.

The current market structure and the movement nature indicate the ETH is constantly gaining liquidity. This process may take a long time, so it may take some time to overcome the $2,050 mark and update the historical high.

‘The situation of 4 weeks ago when the tool was actively ‘drained’ is repeated for LTC. The volume was redistributed, and a new accumulation has begun. After gaining liquidity, an upward movement has begun. Now I expect an update of the altcoin price in the region of $250,’ 8848 Invest’s expert notes.

The tool gets additional volumes to update its historical maximum and try to find new liquidity there in the shape of stop losses. At this level, there will be a liquidity grab and a downward turn, or the LTC will continue its growth in search of new money much higher.

‘XRP stands in accumulation hanging between support and resistance levels. Generally, another period of positive market sentiment begins, thus we should expect an update of the historical highs of BTC and key altcoins,’ the expert concludes.
02 April 2021
A healthful trend structure supports the market growth

BTC was able to touch the $61 500–61 700 marks at the weekend. However, a correction on Monday morning has begun. We should expect the coin price pullback to the support level of $52,800. ETH and LTC are completing their volume redistribution, but haven’t updated their previous highs yet, 8848 Invest’s analyst Mark Sorokin says.

The possible BTC volume redistribution was mentioned in the previous review. Last weekend, this forecast was confirmed. The redistribution was completed, the historical high was updated, the market benchmark value reached $61 500–61 700 level.

‘Currently, we should expect a pullback to the support level at $52,800, the major accumulation upper limit. This decline will highly likely be delayed, local accumulation formation is possible, but the BTC price will continue to rise to $70 000–75 000 from the current levels,’ the expert notes.

Generally, the BTC standard trend structure is observed now. The formation of intermediate accumulations in the shape of so-called ‘stair steps’ pattern formations began earlier. The BTC chart show two such stair steps already, the coin is trying to quit out of the second one now, and we should expect the formation of the third one, a new intermediate accumulation, shortly.

Altcoins

As for the most liquid alternative coins, ETH and LTC, the volume redistribution is being completed for them, but they haven’t updated their previous highs yet. For ETH the move above $2,050 is expected, and above the level of $244–245 for LTC. After reaching the highs, we should check the market reaction, in particular, whether stop-loss orders will be triggered. The further market situation development of the will depend on it.

‘There are several undervalued low-capitalized coins on the market, some of which can grow rapidly in price, but the top 10 altcoins by market capitalization keep the market driver status. Their movement indicates the market will keep an upward trend structure and significant growth potential,’ Mark Sorokin says.

XRP also hangs in broad accumulation. We should expect the quit out this flat trend shortly, apparently, it will be an upward quit out, the coin will overcome the $0.75 mark and try to update the highs in the area of $0.8–1. The weekly XRP chart indicates the coin’s high growth potential. The market accumulates liquidity volumes to continue moving up.

‘The market is steadily growing, as indicated by its healthful standard trend structure. The trend is stronger when its growth is moderate, rather than sharply vertical. The pullbacks of the major market tools and its correction, observed in the market now support the growth continuation, which can continue for a long time,’ the expert concludes.
16 March 2021
The standard BTC trend structure is observed

The BTC medium-term target is the previous high at the area of $58 000–59 000, ETH may soon upgrade a maximum at $2,000 and go higher, and LTC’s quit from the current accumulation will be impulsive, 8848 Invest’s analyst Mark Sorokin says.

Last week and the weekend, the market moved according to the previous forecasts. Trading volumes are redistributed from the seller to the buyers for almost all tools. This trend was showed up most strongly on the market benchmark. The BTC decline observed last week has been completely redistributed. A buy reversal formation was formed.

‘Currently, the coin’s medium-term target is the previous maximum in the area of $58 000–59 000. When this level is reached, sellers’ stop-loss orders can trigger. The accumulation limits will be expanded, and the asset price will be corrected below these levels,’ the expert notes.

However, the more likely scenario is that stop losses volume of will appeared to be not so big, so the market will continue to grow steadily. Currently, the standard BTC trend structure is observed. There was the quit out of the large accumulation formed within the range of $5 000–14 000. In this range, the volume was gaining, at the end of last year, a global quit out from it has occurred, which caused the current medium-term trend.

‘So-called ‘step’ formation is being formed for BTC now — several small intermediate flats successively replace each other. Generally, we should expect further BTC growth soon, followed by another intermediate flat,’ Mark Sorokin notes.

Altcoins

The ETH market structure is almost identical to the BTC one. During the last decline, the altcoin fell to the previous accumulation range. From this flat, liquidity increase has occurred, soon, we should expect an update of the maximum and a move to the level of $2,000 and higher. After that, it is worth analyzing the market participants’ reaction to this movement.

‘LTC also redistributes volumes, but since the overall coin liquidity is less significantly, its new accumulation will be much bigger. The quit out of it will be impulsive, it should be expected very soon. Probably, LTC will move to the area of $248–250,’ the expert notes.
Fundamental

The past week’s remarkable news was the breakup of the partnership between Ripple and the money transfer service MoneyGram. Since the summer of 2019, MoneyGram has been processing its cross-border payments through the On-Demand Liquidity (ODL) system, which uses the XRP token.

According to Ripple CEO Brad Garlinghouse, although the lack of digital currencies market regulation ‘needlessly muddies the waters for businesses and users in the United States,’ it is difficult to ‘deny the joint achievements of the companies.’ Ripple and MoneyGram intend to review the partnership terms and possibly resume it shortly.

‘Apparently, it can be counted as another attempt to provoke the ‘crowd’ to sell coins, in order, the large market participants buy it back and form the asset structural growth. To prevent the coin’s periodical sharp growth and quick return to the major level, but to make it move within the uptrend without sharp impulses. For XRP, we should expect a withdrawal of $0.75 and possibly even higher,’ the expert concludes.
15 March 2021
The market entered the distribution phase

The BTC price is being corrected now, further to the market benchmark and the correction of key alternative coins has begun. Although the slight panic at the market, all happening can be described as a classic local correction, 8848 Invest’s analyst Mark Sorokin says.

Last week, the digital asset market began to form a distribution for all major tools. BTC hasn’t been adjusted so much showed itself best of all, although the setting of the new flat boundaries continues currently. The asset price has gone down to the future accumulation lower limit.

‘Apparently, a new accumulation is already being formed. Now we should expect the BTC movement to its upper limit,’ the expert notes.

Last week, there was a generally strong quit out from savings, which indicates a future medium-term reversal, but for now, market participants are trying to redistribute the accumulated volume and form its long positions.

Altcoins

ETH also declined to the level of the previous support source level around $1,600, where the previous accumulation was observed. The coin corrected, the previous long position was closed since someone bought this volume at the top.

‘In fact, major market participants opened shorts and closed their long positions. For ETH, we should also expect the formation of a new flat,’ the expert notes.

LTC went down to the area of the previous upward movement source, where large accumulations were found at the area of $170. This is the so-called ‘moving zone’, near which the asset price is currently located. The altcoin will try to turn around and go up again.

‘Several conditions must be implemented for this. Firstly, you the new flat sidewall lasting at least a couple of weeks needed. Sharp upward movements are possible, but they will be provocative, trigger-like, to get rid of unnecessary buyers. Thus, for LTC, I expect the formation of a broader accumulation,’ Mark Sorokin notes.

XRP, which reached the reversal zone, and fell from there is of interest. After the rapid growth, the market interest in the tool dried up, the buyers’ stops were knocked out, and the asset price began to decline back to the support source quickly. The price of XRP is aimed at the level of $0.8–0.7, after reaching which there is a high probability of the upward movement continuation.

‘There is a slight panic at the market, although nothing serious has happened — all happening can be described as a classic local correction sent the BTC price down,’ the expert notes.

We’re waiting for the volume redistribution, but it’s important to see a new large accumulation with a locked sellers’ volume. This is one of the major conditions for the growth resume.

04 March 2021
The new BTC mid-term target will be $60,000

Last week, bears provoked a major part of market participants, but after a short-term rollback, the BTC price went up again. Open interest for ETH has declined in the current range, and LTC continues to grow steadily, 8848 Invest’s analyst Mark Sorokin says.

The past week’s highlight was the BTC quit out the large accumulation that has been forming over the past few months. An impulsive breakout of the upper flat border has occurred, the market entered its borders and began to consolidate higher. The market is currently forming a new intermediate accumulation.

‘At the same time, at the weekend the sharp rollback has occurred, which can be considered as an attempt of draining buyers’ stop-losses. The market stopped at the support level. It was an attempt of gaining liquidity from the support range, and soon the market will continue to grow,’ the expert notes.

At the beginning of the week, there is a classic trend structure on the market — consolidation after the breakout of the upper flat border. Soon we should expect further growth above $50,000, and then to the levels of $60,000–70,000. The real prospects of this scenario will be known shortly.

‘At the same time, the possibility of a deeper correction scenario shouldn’t be excluded. The largest digital currency’s rate may fall to $30,000, the main trend source within the large accumulation, out of which this growth impulse began. BTC may approach this range and gain volumes out of it, but for now, it’s worth focusing on the current intermediate accumulation,’ Mark Sorokin notes.

Generally, no high-point scenarios for the market are expected. All damps which have been observed in the last few weeks are formed locally, provoke small and medium market participants to sell, which is used by large ones. Thus, the major tools gain new volumes, and their prices move up.

Altcoins

The situation for ETH hasn’t changed significantly. Last week, there was a provocation of buyers, after which the asset dropdown sharply in the area of these buyers’ stop-losses. Then the asset stopped falling and began to form a pullback to resistance.

‘Most likely there is no more open interest in the current range. Now the tool will gain volumes, possibly through provocations, or will freeze in the flat. The flat movement will be short-term, and further growth should be expected,’ the expert notes.

LTC also reached the resistance area and received the seller’s local reaction. Generally, this is a rollback reaction still. The next LTC mid-term target is the nearest reversal zone above $250.

‘Continued growth of LTC should be expected, as the tool hit another support after overcoming resistance. Now the coin will try to gain additional volumes out of it and continue to grow,’ the expert summarizes.

The XRP mid-term target is the previous high above $0.75.

16 February 2021
Altcoins are moving

While the market benchmark goes through the serious liquidity volumes loading and preparing for an impulse quit out, ETH has updated its all-time high, and Cardano is pushing XRP out of the altcoin ratings. At the same time, investors’ attention is focused on Dogecoin, which accesses the support of Elon Musk and other celebrities.

Last week, the situation in the digital asset market didn’t change dramatically again. Accumulations continue on all major trading tools, the largest is observed on BTC. The market benchmark goes through the serious liquidity volumes loading, it’s worth it to expect its quit out this accumulation soon.

‘The priority of quitting this accumulation out is upward, as the price has formed a smaller accumulation at the range bottom, from which the upward quit out has occurred and the positions are reconstructing currently. Roughly speaking, there has been a capital flow from sellers to buyers, and now I expect to update the maximum in the level of $42 000,’ the expert notes.

In his opinion, the BTC price will probably go up on impulse. To make an accurate forecast, it’s worth observing the current situation development and the market trend signals that will appear before quitting out the accumulation. It isn’t 100% possible to say the price will go up yet.

Altcoins

ETH has updated its all-time high, followed by rollback and correction. For the key altcoin, we should expect the new accumulation formation and continued growth. LTC appeared to be a little bit ‘slower’, there are no strong movements on it. The coin is around $150 and continues to accumulate volumes.

‘Last week the market’s attention was focused on the Dogecoin. This was facilitated by Elon Mask’s tweets and their heated discussion by industry players. This tool began sharp movements and updated highs at the level of $0.075–0.084 (at different platforms). These figures can’t be counted as definitive ones of course. Growth will probably continue and Dogecoin will go higher,’ Mark Sorokin said.

XRP also accumulates volumes, market participants’ interest is growing in it. We should expect its quit the flat soon.

‘I expect the moving up, the coin keeps the excellent potential, and will surely reach the previous maximum in the level of $0.8,’ the expert summarizes.

Finally, this weekend Cardano rose to $0.672, the maximum since mid-January 2018. In just a day, the altcoin’s capitalization increased by a quarter to $21.221 bn. This allowed ADA to bypass XRP and get 3rd place at the altcoin rating according to the Coinmarketcap service.

09 February 2021
A slight decline in BTC should be expected

BTC is steadily moving towards the level of $40 000. ETH, LTC, and other coins of Coinmarketcap’s top-10 rating are confidently gaining volumes, and the XRP medium-term target is the all-time high reached back in December 2017, 8848 Invest’s analyst Mark Sorokin says.

Firstly, it’s worth noting accumulations continue for almost all major market tools. This is especially evident for the market benchmark, BTC, which aimed to go lower last week, but this movement appeared to be short-lived. The tool made a downward movement to the lower flat border, formed new local support there, and went back.

‘This move turned out to be a local intermediate accumulation within a large flat trend. On Friday, after positive news from Elon Musk, the market rushed up but having reached the reversal zone, it began to decline gradually and almost completely absorbed the entire previous growth,’ the expert notes.

It was a provocation to which market participants reacted differently. There was a local fixation, in which result the BTC price returned to the level from which the growth has begun. A slight decline, breaking the buyer’s stops, with a further increase to the level of $40 000 should be expected for BTC.

‘To continue it grow the largest digital currency needs to hit the upper flat border. The decline should be considered as one of the probable market development scenarios, however, we will be able to estimate the medium-term dynamics only after BTC will quit out the accumulation completely,’ Mark Sorokin says.

This quit will be strong enough and have no without any major rollbacks. This trend will determine the market movement in the next few months.

Altcoins

A similar pattern is observed in the alternative coin market. ETH, LTC, and coins of Coinmarketcap’s top-10 rating are confidently gaining volumes. We are waiting for the quits out the accumulations. The priority of the direction is upward, however, we gotta assume some will decrease for local liquidity gain.

The market participants’ attention is riveted on XRP currently. There was a negative news background around it for a long time, everyone was betting on its decline resumption, but for large market participants, this became an excellent opportunity to buy the asset at a lower price.

‘That’s what exactly happened in the end, Ripple went down, gained additional liquidity, which is indicated primarily by the hourly coin chart. Then a powerful upward movement began, and XRP has reached $0,63 the last weekend. Support level with sellers was formed as we predicted in previous reviews. The tool will continue its upward movement shortly. Its short-term target will be the $0,8 mark, the previous maximum which wasn’t overcome,’ the expert notes.

The XRP medium-term target is the all-time high reached back in December 2017.

04 February 2021
BTC aimed to $42,000 level

BTC touched the lower flat trend boundary, bounced off it, and is now aiming at updating its historical maximum. At the same time, ETH has already ‘fulfilled’ the current upward scenario and is moving up to $1,600, 8848 Invest’s analyst Mark Sorokin says.

The situation in the digital asset market hasn’t changed fundamentally since last week. The only thing that can be noted is that the market doesn’t show a downward trend. The likelihood of a global volume distribution in the near future is low. As for BTC, the largest digital currency updated the lower flat trend boundary but didn’t go further, keeping within it.

‘Therefore, I expect further growth to flat trend boundary. This is the level of the previous high at $42,000,’ the expert notes.

If the BTC price will go down from the current intermediate flat, canceling the support, the market will begin to decline and enter a correction phase, which may last for several months. But the most likely scenario is a return to the upper flat trend boundary of $42,000.

Altcoins

ETH has already ‘fulfilled’ the current upward scenario. There was a decline before, but closer to the lower range border, the support was accumulated, after testing it the key altcoin’s historical maximum was updated on some trading platforms.

‘Since the maximum of ETH was fixed at around $ 1,595 on some exchanges such as Kraken, it’s worth considering the option of further ETH movement up to the level of $1,600 now. It can be assumed the asset price is moving there, and ETH will also grow on other trading platforms,’ Mark Sorokin notes.

An attempt of volume redistribution and accumulation formation for LTC is observed. To find the optimal strategy for this asset, you should wait for the quit out from this accumulation and the end of the flat trend.

‘Last week, there was also a noticeable increase of some low-capitalized assets, but it’s difficult to tell it will be the dominant trend. At the same time, there are no preconditions for a global market decline,’ the expert summaries.
26 January 2021
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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