Long shadows and a dubious stop: Results of the cryptocurrency market for February 23, 2021

The decline in the cryptocurrency market slowed down at the end of the day. Long shadows appeared on the four-hour charts of the top coins, indicating a respite. For how long? It's not clear yet. However, it is possible to identify the technical guidelines. It is not the time to buy now, even assuming that all coins will return to their previous highs over time.

Bitcoin, after the fall, consolidated above the local level of 48178.13. All the bodies of the four-hour candles closed above this horizontal, which creates the prerequisites for a cautious recovery of BTC/USD. The nearest technical target, now ascending, can be considered the level of 61.8 on Fibo Expansion. But all this is still very approximate. It is possible that the main cryptocurrency will return to the fall at any time.


Bitcoin Cash has stalled in the range of 465.48-508.94. Now, if BCH/USD quotes manage to gain a foothold above the horizontal at 508.94, the level of 538.35 should be considered as a target for recovery.


Ripple, as expected, held above the support range of 0.4348-0.5564. But the level of 0.3512, which is considered as the nearest technical benchmark to the south, has not yet been reached. If the price breaks through it and consolidates higher, the XRP/USD quotes will open the way for further strengthening to 0.5564.


Ethereum also held in a wide range, limited by the support level of 1436.48 and the resistance, which is the level of 61.8 on Fibo Expansion. Now, the target for growth is the local level of 1697.27, marked with a red dotted line.


Litecoin has not broken through the level of 171.25 and is now trading above it. The upper limit of the technical range for LTC/USD is now the horizontal 186.48. However, it may not be reached if the level of 171.25 is truly broken in case of a resumption of decline.


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