A return to growth or too early to rejoice? Morning review of cryptocurrencies on February 24, 2021

Do cryptocurrencies have the potential for further growth? It is difficult to give an answer to this question now. Therefore, technical analysis comes to the rescue, which so far shows that the market is at a technical crossroads, but soon the local picture should clear up. Cryptocurrencies have returned almost all of yesterday's decline and will now either return to previous highs or are about to complete an upward correction. We monitor technical signals and look for entry points with the most favorable risk-to-profit ratio. During the recovery, Bitcoin approached the level of 61.8 on Fibo Expansion, which now works as a resistance (this is near the level of 51984.83). When it is reached, there are two possible scenarios. The first is a breakdown and consolidation above (ideally), which will open the way for BTC/USD to grow to the level of 100 on Fibo Expansion (above $55,000 per coin). The second is a rebound down from 61.8 on Fibo Expansion, which will open the way for the pair to the local support level of 48178.13. Bitcoin Cash in the process of yesterday's growth consolidated above the horizontal support level of 508.94 and is now trying to gain a foothold above 538.35. If this support holds, BCH/USD will open the way for growth to the nearest resistance level of 611.50. Ripple was able to break through the level of 0.4769 (blue segment) and gain a foothold above it. This is a good sign, indicating a high probability of continuing further growth. If the support of 0.4769 holds, XRP/USD will continue to rise to the next level of 0.5564. Ethereum reached the local level of 1697.27, marked with a red dotted line. Now, this horizontal line works as a resistance, and the further direction of ETH/USD will depend on whether the price breaks through this level or bounces down from it. If the horizontal is broken down to 1697.27 and the quotes are fixed higher, the path to the level of 61.8 on Fibo Expansion will open. And in the case of a rebound from 1697.27 down, the target to the south will be the level of 1436.48. Litecoin reached the resistance of 186.48. If the pair manages to break through this level and gain a foothold above, then LTC/USD can continue to grow to the level of 205.25. Otherwise, with a downside reversal, LTC/USD may return to the support of 171.25. The material has been provided by InstaForex Company - www.instaforex.com
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