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FX.co ★ Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

The recovery of the cryptocurrency market is going according to plan. Some of the scenarios have been worked out, some are still in the works. While for some coins, technical uncertainty persists. But the speed of bitcoin and altcoins over the past day is different. So, the main cryptocurrency grew by 4.30%, Bitcoin Cash - by 13.25%, and Ripple - by only 4.11%. Meanwhile, Ethereum added 7.01%, and Litecoin - 8.59%.

Bitcoin has cautiously consolidated above the level of 48178.13 broken yesterday and is still consolidating on it. A rollback to this horizontal can be one of the stages of confirming this level as support. When bouncing up, the target for growth is the level of 61.8 on Fibo Expansion. An alternative scenario is a return to the level of 48178.13 and a decline to the support of 45553.17.

Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

Bitcoin Cash has worked out the evening growth forecast, reaching the horizontal resistance of 551.56, marked with a red dotted line. From the current position, both a decline and a return to the range of 465.48 - 508.94, as well as an increase, are possible. If the resistance of 551.56 is broken, the next target for growth will be the level of 611.50.

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Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

The technical guidelines for Ripple have not changed much. The pair is consolidating above the broken level of 0.4348, the margin for growth to the next target of 0.4769 (blue segment) remains. However, if we take into account the fact that last time the pair also consolidated above the level of 0.4348 but then fell under it, we consider the possibility of an alternative scenario - a decline to the level of 0.407 (marked with a red horizontal).

Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

Ethereum reached the resistance level of 1572.74 (blue dotted line) and pierced it with a shadow. But it didn't. It is worth noting that within the current values, it is more appropriate to talk about the area of 1519.84 - 1572.74. Exiting it up will open the path for ETH/USD to the next target of 1697.27 (red dotted line).

Alternative scenario: if the price of ether consolidates under the area of 1519.84 - 1572.74, the quotes will open the way to the level of 1436.48.

Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

Litecoin has grown rapidly within the range of 171.25 - 186.48 today. The resistance has not yet been reached, the power reserve to it is still small. And then, as usual, everything will depend on whether the quotes will be able to break through the level of 186.48, or turn down from it. If the quotes break and consolidate above 186.48, the next target for growth will be the horizontal 195.06, marked with a red dotted line.

Speed Discorrelation. Morning review of the cryptocurrency market on March 2, 2021

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