26.02.202112:31 Forex Analysis & Reviews: Morning review of cryptocurrencies for February 26, 2021

The sideways movement of cryptocurrencies ended and they fell. Quotes are now set to either recover or form another sideways range below the previous one. Otherwise, the price may continue declining. What are the next targets for major cryptocurrency pairs?

Bitcoin dropped from the support level of 51,984.83 (the 61.8% Fibo Expansion level) and broke through local support at 48,178.13 (the red dotted line). Then, it reached the next downward target - the 47,246,01 horizontal line (another red dotted line). The breakout seems to be a false one. Therefore, BCH/USD's further movement is unclear. The price may either rise to 48,178.13 or to go to the 41,980.24 horizontal level if it breaks through support at 47,246.01.

Exchange Rates 26.02.2021 analysis

Bitcoin Cash fell to the support level of 465.48. It is now trying to rebound from this point after a false breakout. The price may well rise to 508.94 or move even higher. At the same time, the downward trend may resume any time. Given the rebound, the pair may break through support and slip to the 406.38 target.

Exchange Rates 26.02.2021 analysis

Ripple has been under pressure since it reached, broke, and consolidated below the support level of 0.4348. In case the horizontal level of 0.4348 proves to be resistance, the next downward target will be set at 0.3512.

Exchange Rates 26.02.2021 analysis

Ethereum broke through support at 1572.74 (the blue dotted line) and reached the support level of 1436.48. As with other coins, it has not yet broken through the barrier. This means that ETH/USD may return to 1572.74. If the downward trend resumes, the next target will be seen at the horizontal level of 1369.23.

Exchange Rates 26.02.2021 analysis

Litecoin nosedived to the support level of 163.34. The price is now trying to rebound from it. If the attempt turns out to be unsuccessful, the price may return to the sideways range of 171.25 - 186.48. Alternatively, LTC/USD may go down to the horizontal line of 146.04.

Exchange Rates 26.02.2021 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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