Cryptocurrency: Results of the day 02/17/21

Bitcoin has reached the level of 161.8 on Fibo Expansion. Ethereum and Litecoin updated their technical benchmarks. The rest of the coins are still in the sideways, keeping the traders in a state of uncertainty. Nevertheless, the forecasts for them have not lost their relevance.

Bitcoin, formed by the mark of 161.8 after consolidating above the local support of 49,690. 70 and rising above to $ 50,000 per coin and moved to consolidation under the resistance level of 51,870.71,

Based on the four-hour chart, a flag is formed causing to leave the prerequisites for continued growth. However, a downward correction to the support of 49690.70 is more likely before the main cryptocurrency returns to growth.


Bitcoin Cash confirmed the 701.47 horizontal as support and moved to consolidate above it. The next target for the growth of BCH USD is the level of 750.13. An alternative scenario is the return of the pair to the corridor of 667.95 to 701.47, if the growth of the main cryptocurrency slows down and altcoins go down.


Ripple is growing very slowly. After the transition of XRP USD to the sideways 0.4769 to 0.5345, the price broke through its resistance level, but so far there is no clarity as to whether it will be true or false. In case of further growth, the targets remain to the level of 0.5564 (blue horizontal) and 0.5957 (green horizontal).


Ethereum broke through the inclined resistance level of 1874.20 to 1851.95 and during the strengthening reached the horizontal resistance level of 1823.44 (marked with a red dotted line). Now, there is a consolidation under it. If it can be broken from the bottom up then ETH USD can go to the level of 161.8 on Fibo Expansion. An alternative scenario would be a decline in the sideways range of 1761.85 to 1823.44, bounded by two red dotted lines.


Litecoin rose rapidly, gaining a foothold above the local level of 219.47. The next target for LTC USD at 228.90 was also achieved. Now this level is being tested for strength, but conclusions about the probability of a true breakdown will still be premature. An alternative scenario, if consolidation above 228.90 fails, is to move south and return to the intermediate horizontal of 219.47.


The material has been provided by InstaForex Company -