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“Failed” day for cryptocurrency: results for 02/22/2021



DATE OF PUBLICATION: 2021-02-22 20:11:18 The trading session on Monday was distinguished by a significant and, it should be noted, quite logical downward correction in the cryptocurrency market. But, as they say, it’s not so evening yet. The last four-hour candle was especially “flop” on the charts of almost all the coins under consideration. But whether the fall will end on it is still unclear. Bitcoin technically and logically decreased during the day after returning below the level of 100 according to Fibo Expansion (mark 55830.19). Over the past four hours, the weakening has intensified, the quotes of the main cryptocurrency fell to $ 47,000 per coin. However, the price quickly recovered and so far we can say that the 61.8 level of the Fibonacci extension as a support has survived. While such a technical picture, BTCUSD again has two scenarios: either a recovery to the 100 horizontal by Fibo Expansion, or a fall, at least, to $ 48,000 per coin, if the current support of 61.8 on the Fibo Expansion does not resist.Bitcoin Cash also fell following the main cryptocurrency, reaching the long shadow level of 508.94. But the horizontal at 611.50 has held out as a support so far. If it is not broken on the next try, BCHUSD may recover to the 667.95 level. Otherwise, the price will head to the south at 611.50. Ripple, the volatility of which increased earlier than other cryptocurrencies collapsed, remained within a wide technical range between the support level of 0.4769 (blue bottom) and resistance 0.6387 (blue upper dotted line). Today both corridor boundaries were reached, but the price managed to return to the area above 0.5564, from which the price can recover. Ethereum also fell rapidly, but still held above the level of 1697.27. Now it serves as a support for quotes, leaving the prerequisites for the recovery of ETHUSD to the level of 1823.44. But, if the fall resumes, the second cryptocurrency may fall down to the level of 1436.48. During the fall, Litecoin broke through the level of 205, 25, and so far has consolidated below it. It remains a local target for recovery if it starts in the market. If the downward correction continues, the target for LTCUSD to the south will be the level of 171.25. Material provided by InstaForex – www.instaforex.com Source – InstaForex

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