Cryptomarket results on March 9, 2021

There is a price consolidation in the charts of the leading coins after showing growth. The nearest price targets have not been reached, and the technical picture remains ambiguous. In this case, all the morning forecasts remain relevant. However, we will have to wait whether the quotes will manage to break through the last barrier before reaching historic highs or the market will decline.

Bitcoin is still in the range between the support level of 61.8 on Fibo Expansion (51978.45 dollars per coin) and the resistance level of 100 on Fibo Expansion (55840.78 dollars per coin). The power reserve to the resistance is there. At the same time, we consider a decline from current values or a reversal from the resistance in the sideways to be the possible scenarios for the development of the events.

An alternative scenario would be a breakdown of the level 100 by Fibo Expansion, followed by an upward movement to historical highs.

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Bitcoin Cash has turned around from the resistance of 551.56, marked with a red dotted line. The possibility that BCH/USD will retest this level for strength and break through it is left for an alternative scenario. In the meantime, there are necessary conditions for the pair to decline to the targets set at 508.94 and 538.35.

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Ripple continues to trade at the upper limit of the range between the support level of 0.4071 (red line) and the local resistance level of 0.4769 (blue line). Therefore, the position of XRP/USD relative to this horizontal should be clarified. If we manage to break through the resistance of 0.4769, the pair will further rise to the level of 0.5564. Otherwise, the quotes will decline to the support of 0.4071 (red line), with possible stops around the nearest horizontal of 0.4539.

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Similarly to Bitcoin, Ethereum stopped a little short of its current resistance. Currently, the ETH/USD is slightly below the upper limit 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. The nearest possible scenarios are a downturn from the current values after consolidation or a reversal from the Fibo Expansion level of 61.8.

An alternative scenario is the breakdown of this horizontal, followed by a rise to historical highs.

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

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