FX.co ★ This is a correction. Cryptocurrency market results for 2/24/21

In the wake of the morning review, I can say that it was really early to rejoice. After reaching the key levels, cryptocurrencies have turned down. But there are no falling knives so it is likely that both a second attempt to break through the current resistance level, and a continuation of the decline. But there is a third scenario - the transition of the market to the sideways. Until the beginning of this year, with less market volatility, it was the cryptocurrency's "favorite".

Bitcoin reached the resistance level of 61.8 on Fibo Expansion (near the level of 51984.83) and turned down from it. Now it all depends on whether BTC USD will be able to break through the level of 48178.13 from the top down. If so, the next target to the downward trend will be yesterday's lows. If the breakout fails, a recovery is likely with the prospect of re-testing the strength of the 61.8 Fibo Expansion level.

Bitcoin Cash could not gain a foothold above the level of 538.35 and at the moment returned to the support of 508.94. The rebound from it up creates the prerequisites for re-testing the level of 538.35 for strength. Or a sideways movement between these levels, if the main cryptocurrency moves to a sideways movement.

Ripple after breaking the level of 0.4769 (blue segment) could not stay above it despite attempts to consolidate. Now, after falling below the level of 0.4769, the nearest target for the decline of XRP USD is the horizontal of 0.4348. And in case the market returns to growth, we do not lose sight of the target of 0.5564.

Ethereum turned down after reaching the local level of 1697.27. Against this background, the path to the south is open and the target for the decline is the level of 1436.48. At the same time, the probability of repeated testing of the horizontal 1697.27 for strength is not discounted. And tomorrow it will be clearer.

Litecoin failed to break through the resistance level of 186.48 and bounced down from it. After the reversal, LTC USD still has a power reserve down to the support level of 171.25. And there, it's not far from yesterday's lows.