Cryptocurrency market results on March 10, 2021

Bitcoin broke through the last barrier during the day before reaching all-time highs. The rest of the coins are still recovering more slowly. And although there is some chance that the breakout will be false, there is very little time left for bitcoin to reach historical highs.

Bitcoin finally broke through the resistance level of 100 on the Fibo Expansion ($55,840.78 per coin), thus breaking the last milestone on the way to an all-time high. A new four-hour candle opened above this limit, which gives reason to believe that the consolidation will still take place. But since it is not yet closed, some probability of a return to the level of 100 on Fibo Expansion should not be discounted.

The target for the growth of BTC/USD is now the level of historical highs, and the moment they get updated, the next target for growth will be the level of $60,000 per coin.


Bitcoin Cash has again returned to the resistance level of 551.56, marked with a red dotted line. Now, the further dynamics of BCH/USD will depend on whether it will be possible to overcome this level. If it is possible to break through and gain a foothold above this threshold, the quotes will open the way for growth to the level of 611.50. An alternative scenario is a decline in the pair and a return to the range of 508.94 - 551.56.


Ripple slowly rallied, again approaching the resistance level of 0.4769 (blue segment). The pair remains in a narrow range of 0.4539 - 0.4769, and its further dynamics depends on which of the boundaries of this corridor will be broken. If the resistance still manages to break through after the growth of bitcoin, the pair will open the way to the level of 0.5564.


So far, Ethereum has risen only to the level of yesterday's highs. The quotes are still on the way to 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. But whether ETH/USD will break through this last boundary on the way to its historical values is still unclear. A certain contribution to the support of the ether can be made by the correlation with bitcoin and the achievement of a historical maximum by the main cryptocurrency.


The material has been provided by InstaForex Company -