Cryptocurrency market results for March 17, 2021

Cryptocurrencies remain within the framework of the sideways trends formed over two days. The decline after the weekend was caused by the fixation of long positions. The news that India wants to impose a ban on cryptocurrencies also put pressure on the market. And now the sideways dynamics in narrow corridors can be regarded as a set of positions before the next directional movement of digital currencies.

Bitcoin continues to trade the 100% Fibonacci extension level in both directions. The trading range of the main cryptocurrency on the chart is indicated by a green rectangle with the boundaries of 53225.61 - 57176.73. Now, the price of BTC/USD is in the middle of this corridor, so it can move to any of its borders. The situation with the further direction of bitcoin will be clarified by the breakdown of one of the sideways borders and consolidation above or below it.


Bitcoin Cash continues to trade in the range of 508.94 - 538.35. By the evening, the quotes went down to its lower limit. From the current position, it is possible both to restore the pair in the sideways direction, and to try to break through the support of 508.94. In the second scenario, the target to the south will be the support level of 465.48.


Ripple remains in a narrow sideways position under the resistance level of 0.4539 (blue horizontal). The lower limit of the trading zone is the level of 0.4532, marked with a red dotted line. If the price manages to break through it, the pair will head south to the support level of 0.4071 (red segment).


For Ethereum, the technical picture has also not changed. The quotes are located sideways between the support zone of 1697.27-1789.44 (marked with red dotted lines) and the local mirror resistance of 1813.92, marked with blue dotted lines. So far, the price of ETH/USD is cautiously turning in this range, keeping a small margin to its resistance. And for more clarity and more power reserve, it is necessary to wait for the exit from the specified consolidation corridor.


The material has been provided by InstaForex Company -