Cryptocurrency: Results of the day 02/16/21

During the day, the altcoins remain under pressure. Meanwhile, bitcoin briefly rose above the $ 50,000 mark. However, the breakdown of the current resistance was again false.

Bitcoin remains within a narrow sideways range between the support level of 48178.13 and the resistance level of 49690.70, summed up at Sunday's highs. The breakdown of its upper limit was false because the price has returned to the corridor and remains there for now.

The mark of $ 50,000 for one bitcoin is not so easy to take. However, further growth of the cryptocurrency market should not be expected when the price is fixed above it.

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Bitcoin Cash declined today reaching the lower limit of the local side range of 701.47 to 835.86. The breakdown of the support of 701.47 perhaps will be true. This means that the next level of 611.50 remains to the nearest target for the decline of BCH USD.

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Ripple settled below the local support level of 0.5345 during the fall. As soon as the price reaches yesterday's low (the long shadow that broke through this horizontal), XRP USD can reach the level of 0.4769 (the blue horizontal).

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Ethereum declined, moving smoothly down the inclined resistance level of 1874.20 to 1851.95. Thus, the intermediate support line of 1761.85 was reached. Fixing under it will open the way for ETH USD to the next target to the south of 1697.27 (also marked with a red dotted line).

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Litecoin like other altcoins remains under pressure. The nearest target to the south is now the 205.25 horizontal. If it is broken the LTC USD may fall to the level of 195.06 (red dotted line). If the horizontal of 205.25 holds, the recovery is possible to the target of 219.47.

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The material has been provided by InstaForex Company - www.instaforex.com

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