"Failed" day for cryptocurrency: results for 02/22/21

Yesterday's trading session was marked by a significant and quite logical downward correction in the cryptocurrency market. But, as they say, it's not really evening yet. The last four-hour candle was particularly failed on the charts of almost all the coins in question. But whether the fall will end there is still unclear.

Bitcoin technically and naturally declined during the day after returning to the level of 100 on Fibo Expansion (mark 55830,19). Over the past four hours, the weakening has intensified with the quotes of the main cryptocurrency falling to $ 47,000 per coin. However, the price quickly recovered and so far we can say that the level of 61.8 of the Fibonacci extension as support has stood.

So far, the technical picture of BTC USD again has two scenarios: either a recovery to the horizontal 100 on Fibo Expansion or a fall to at least $ 48,000 per coin if the current support of 61.8 on Fibo Expansion does not stand.


Bitcoin Cash also fell after the main cryptocurrency, reaching a long shadow level of 508.94. But, the horizontal 611.50 has so far stood as support. If it is not broken on the next attempt, BCH USD can recover to the level of 667.95. Otherwise, the price will head south to the level of 611.50.


Ripple, whose volatility increased earlier than the rest of the cryptocurrencies collapsed and remained within a wide technical range between the support level of 0.4769 (the blue lower segment) and the resistance level of 0.6387 (the blue upper dotted line). Today, both borders of the corridor were reached, but the price managed to return to the area above 0.5564, from which the price can recover.


Ethereum also fell rapidly, but still held above the level of 1697.27. Now it serves as a support for quotes leaving the prerequisites for the recovery of ETH USD to the level of 1823.44. But if the fall resumes, the second cryptocurrency may fall down to the level of 1436.48.


Litecoin broke through the level of 205, 25 during the fall, and so far has gained a foothold under it. It remains a local target for recovery if it starts in the market. If the downward correction continues, the target for LTC USD to the downward trend will be the level of 171.25.


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