Cryptocurrency market results on March 11, 2021

The correction of cryptocurrencies lasted less than expected. Apparently, the crypto markets have gone to re-assault all-time highs for the main cryptocurrency, while the altcoins will test their resistance levels.

With breakdowns, cryptocurrencies can continue to grow, while failure to overcome the current boundaries will again bring back the market to decline.

Once again, Bitcoin rose above the level of 100 on Fibo Expansion (55,840. 78 dollars per coin), but has not yet overcome the previous (yesterday's) highs. If the historical values of the main cryptocurrency are reached, either a new downward rebound or a breakdown is possible. Fixing BTC/USD above the maximum values of February 21 will open the way for quotes to the level of $60,000 per coin.

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Bitcoin Cash returned to testing the resistance level of 551.56, marked with a red dotted line. If it is possible to gain a foothold above it this time, the pair will open the way to the level of 611.50. An alternative scenario is another rebound of BCH/USD down from the resistance of 551.56 with a target near the support level of 508.94, and then 465.48.

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Ripple also rose, but so far it has not even broken through the intermediate horizontal of 0.4539 from the bottom up. If it is possible to overcome it, XRP/USD will move further to the resistance of 0.4769 (blue segment). A downward turn is possible both from the current level and from the level of 0.4769, the breakdown of which so far looks very unlikely.

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Ethereum is recovering after the main cryptocurrency, although the quotes of ETH/USD have not yet reached yesterday's highs. The support level for the pair is still the horizontal 1697.27 (red dotted line), while the target for growth is the resistance formed by the level of 61.8 on Fibo Expansion. There is still a margin for it, and there, perhaps, a reversal will follow if bitcoin fails to overcome the historical maximum and pull the altcoins higher.

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

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