Cryptocurrency Analysis

[IFX_Selena]

Cryptocurrency market results on March 10, 2021

Bitcoin broke through the last barrier during the day before reaching all-time highs. The rest of the coins are still recovering more slowly. And although there is some chance that the breakout will be false, there is very little time left for bitcoin to reach historical highs.

Bitcoin finally broke through the resistance level of 100 on the Fibo Expansion ($55,840.78 per coin), thus breaking the last milestone on the way to an all-time high. A new four-hour candle opened above this limit, which gives reason to believe that the consolidation will still take place. But since it is not yet closed, some probability of a return to the level of 100 on Fibo Expansion should not be discounted.

The target for the growth of BTC/USD is now the level of historical highs, and the moment they get updated, the next target for growth will be the level of $60,000 per coin.



Bitcoin Cash has again returned to the resistance level of 551.56, marked with a red dotted line. Now, the further dynamics of BCH/USD will depend on whether it will be possible to overcome this level. If it is possible to break through and gain a foothold above this threshold, the quotes will open the way for growth to the level of 611.50. An alternative scenario is a decline in the pair and a return to the range of 508.94 - 551.56.



Ripple slowly rallied, again approaching the resistance level of 0.4769 (blue segment). The pair remains in a narrow range of 0.4539 - 0.4769, and its further dynamics depends on which of the boundaries of this corridor will be broken. If the resistance still manages to break through after the growth of bitcoin, the pair will open the way to the level of 0.5564.



So far, Ethereum has risen only to the level of yesterday's highs. The quotes are still on the way to the upper limit of the technical range between the support level of 1697.27 (red dotted line) and the resistance formed by the level of 61.8 on Fibo Expansion. But whether ETH/USD will break through this last boundary on the way to its historical values is still unclear. A certain contribution to the support of the ether can be made by the correlation with bitcoin and the achievement of a historical maximum by the main cryptocurrency.







Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for March 11, 2021

Crypto Industry News:

It appears that major players, including institutions, have taken advantage of the decline in bitcoin's price to buy significant amounts of digital currency.

According to Material Indicators, an analytical company that studies on-chain data, Binance had the platform's largest-ever, massive buy orders worth over $ 100,000. Considering the fact that Binance is the world's largest cryptocurrency exchange by volume, this indicator clearly indicates whale activity.

It is surprising that such mass purchases by major market players are more common than ever - which is directly different from the size of smaller orders. While whale activity has increased for bitcoin purchases, smaller investor activity seems to be slowing down.

This is most likely due to the high price of bitcoin at the moment. Smaller retail investors are afraid to buy high, assuming the cryptocurrency price could collapse suddenly.

Material Indicators suggest that whales may sell in the face of a cryptocurrency raid, repeating a pattern of price increases and a quick correction. However, it does not seem to have happened yet - if it does - there may be other factors involved. For example, the volume of whale orders slowed after the announcement that a US $ 1.9 trillion stimulus package had passed through the Senate.


Technical Market Outlook:

The BTC/USD pair has made another higher high located at the level of $57,833. The next target for bulls is seen at the level of 127% Fibonacci extension of the last wave up seen at $58,275. The momentum remains positive, but it points down already, so any violation of the level of $52,039 might be the trigger to do lower towards $49,422. The larger time frame trend remains up and there is no indication of the up trend termination of reversal yet.

Weekly Pivot Points:
WR3 - $61,059
WR2 - $56,697
WR1 - $53,887

Weekly Pivot - $49,123
WS1 - $46,093
WS2 - $41,457
WS3 - $38,335


Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021