Look how well the levels worked out! Cryptocurrency market results for 03/03/21

Bitcoin and some altcoins have technically worked out the nearby levels, while Ripple and Ethereum have not yet reached the nearest technical goals. What's next for the top cryptocurrencies and will Bitcoin continue to grow?

Bitcoin reached the resistance level of 61.8 on Fibo Expansion (near the mark of 52068.06) and technically bounced off this horizontal. This level has been repeatedly confirmed, which indicates its strength and that the Fibonacci extension works well.

After the current rebound, BTC USD has the potential to decline to the support level of 48178.13, if this is indeed a reversal. As an alternative scenario, there remains a second attempt to break through the level of 61.8 and move further to the level of 100 by Fibo Expansion.


Bitcoin Cash worked out the resistance level of 551.56 for the second time, marked with a red dotted line, bouncing down from it. Against this background, the preferred scenario for BCH USD quotes is a return to the range of 465.48 - 508.94 and a decline in it. But, if bitcoin immediately returns to growth, then BCHUSD can test the level of 551.56 for strength.


Ripple went up after fixing above the level of 0.4348, but the horizontal 0.4769 (blue segment) has not yet reached. Although, the technical potential of restoration to this border still remains. If today's growth attempt has exhausted the local upward potential of the pair, then the horizontal 0.4348 can again be tested for strength.


Ethereum has consolidated above the area of 1519.84 - 1572.74, but has not yet reached the next target of 1697.27 (red dotted line). From a technical point of view, ETH USD still has the potential to recover, unless the downward correction of bitcoin pulls the pair down.


Litecoin failed today to overcome the resistance of 195.06, marked with a red dotted line. The LTC USD pair remains in a narrow range of 186.48 - 195.06, and in which direction the exit from it will occur may depend on the further dynamics of the main cryptocurrency. But this is not a fact, since litecoin now does not clearly correlate with bitcoin.


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