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03.03.202115:36 Forex Analysis & Reviews: Consolidation. Cryptocurrency market results for March 2, 2021.

According to the charts, during the day, the market situation did not significantly change. The quotes began consolidating near the levels mentioned in the morning. The technical picture of Bitcoin and Litecoin became a bit clearer

Bitcoin consolidated above the level of 48,178.13. It means that the cryptocurrency may reach its next target of the 61.8 Fibo Expansion. However, the alternative scenario is also possible and the price may drop below 48,178.13 or even lower to the previous support level of 45,553.17.

Exchange Rates 03.03.2021 analysis

After a rise in the first half of the day, Bitcoin Cash dropped from the horizontal resistance level of 551.56 (a red dotted line) and returned to the area of 465.48-508.94. Now, BCH/USD may slide to 465.48.

Exchange Rates 03.03.2021 analysis

The technical picture of Ripple remained the same. The price is still hovering above the broken level of 0.4348. It is likely to climb to the next target of 0.4769 (a blue line). According to the alternative scenario, the price may decline to 0.407.

Exchange Rates 03.03.2021 analysis

Ethereum consolidated above the upper limit of the range of 1,519.84-1,572.74. At the moment, we cannot say in which direction the price may break the range. If the resistance level of 1,572.74 will be broken upwardly, ETH/USD is likely to jump to the next target of 1,697.27 (a red dotted line). According to the alternative scenario, the price may fix below 1.519,84-1,572.74 and return to the level of 1,436.48.

Exchange Rates 03.03.2021 analysis

After a surge within the range of 171.25-186.48, Litecoin dropped after hitting the resistance level. Thus, the LTC/USD pair may return to the support level of the sideways channel. Otherwise, the pair will break the level of 186.48 and consolidate above it to reach 195.06 (a red dotted line).

Exchange Rates 03.03.2021 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ekaterina Kiseleva,
Analytical expert
InstaForex Group © 2007-2021
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