Cryptocurrency Analysis

[IFX_Selena]

New goals for growth. Morning review of the cryptocurrency market for 03/03/21

Some of the growth targets noted yesterday have already been achieved despite a short-term downward pullback. It's time to set the next goals for the top cryptocurrencies and update the technical guidelines.

Bitcoin has increased despite a false breakout at the level of 48178.13. Now the price of BTC USD is approaching the resistance level of 61.8 on Fibo Expansion (near the level of 52068.06). The further direction of the main cryptocurrency will depend on whether it will be possible to break through this level and gain a foothold above it. If so, the next target to the upward trend will be at Fibo Expansion level 100. Otherwise, the quotes may return to the downward direction to the support level of 48178.13.



As expected in yesterday's evening review, Bitcoin Cash declined within the range of 465.48 to 508.94, after which it worked out losses and again returned to the horizontal resistance level of 551.56 marked with a red dotted line. Now, BCH USD quotes can continue to grow at the level of 611.50, if it is possible to break through the horizontal 551.56 and gain a foothold above it. Otherwise, the pair will follow the path of yesterday's decline in the sideways range of 465.48 to 508.94.



After a short decline, Ripple rose again above the level of 0.4348 from where it can continue to rise to the resistance level of 0.4769 (blue segment). It is worth noting that a pattern resembling an inverted substantially formed in the four-hour timeframe, even though the downward trend before can hardly be called prolonged. If this is really a reversal signal, XRP USD quotes can overcome the horizontal 0.4769 and continue to grow to the level of 0.556.



Ethereum breaks the upper limit at the area of 1519.84 to 1572.74 today. If the pair manages to gain a foothold above it, then the path for growth to the next target of 1697.27 (red dotted line) will be opened for ETH USD.



Litecoin managed to fall and recover within the range of 171.25 to 186.48 in the evening, and broke at the level of 186.48 and reached the resistance level of 195.06 marked with a red dotted line. If it can be overcome, the quotes will open the way for growth to the next level of 205.25. An alternative scenario for LTC USD is a rebound of the price from 195.06 down and a return to the support of 186.48.






Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021