Cryptocurrency Analysis

[IFX_Selena]

Heading for historic highs. Morning review of the cryptocurrency market on 03/09/2021

Cryptocurrencies rose over the weekend, but not all of them updated their technical guidelines. Bitcoin and Ether are facing the last frontier on the way to historical values. Will it be possible to overcome it, or the price will go to a downward correction today after several days of growth?

Bitcoin went up, breaking through the level of 61.8 on Fibo Expansion (51978.45 dollars per coin). The next target for BTC USD growth is the Fibo Expansion 100 level ($55,840. 78 per coin). The main cryptocurrency still has a small margin of resistance. And the dynamics of the pair will depend on whether it will be able to overcome this border. If the breakdown occurs and the quotes are fixed above the level of 100 on Fibo Expansion, BTC USD may continue to grow to historical highs. An alternative scenario would be a sideways decline between the 61.8-100 Fibo Expansion levels.



Bitcoin Cash returned today all the losses of the end of last week. The quotes returned to the resistance level of 551.56, marked with a red dotted line. The further dynamics of BCH USD depends on whether the pair can break through this level. If it is fixed higher, it can continue to grow to the level of 611.50. Otherwise, we should expect a downward correction, the targets for which will be the horizontal 508.94 and 538.35.



Ripple slowly reached the upper limit of the range between the support of 0.4071 (red segment) and the local resistance of 0.4769 (blue segment). If it is possible to break through the resistance level of 0.4769, the pair will continue to grow to the level of 0.5564. Otherwise, the quotes will go downward to the support level of 0.4071 (red segment) with possible stops near the intermediate horizontal of 0.4539.



Ethereum has risen significantly over the weekend, approaching the resistance 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. If it is overcome, the price of ETH USD may continue to rise to historical highs. Otherwise, it will go down in the sidewall.






Ekaterina Kiseleva
Analytical expert
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