FX.co ★ Inverted flags and Sunday lows - targeting. Morning review of the cryptocurrency market on 03/04/21

The decline in bitcoin did not stop last night. The scenarios of local movement to the south have been worked out almost completely. The following technical guidelines will be determined based on the principle of the price movement from one strong level to another. Judging by the formation of two inverted flags on the charts of bitcoin and some altcoins, the decline may not be exhausted yet.

Bitcoin broke through the local support level of 48178.13 then fell, forming another inverted flag - a continuation of the trend. However, the technical target 45553.17 (the next red dotted line) has not yet been reached . From here, we can assume both a decline to the lows of the trading session on Sunday and a recovery. A local reversal can occur both from the current values, if the previous flag was the last decline, and from the level of 45553.17.

Bitcoin Cash has worked out the scenario of a decline to the horizontal of 465.48, so far not reaching this support a little. If this level is also opened, the quotes will open the way to the lows of Sunday or even to the support of 406.38.

Ripple finally reached the resistance level of 0.4769 (blue segment) and confirmed it with a false breakout. The quotes bounced down and are currently trading at 0.4539 support. If the price is fixed below it, then the path to decline to the horizontal of 0.4071 will be opened. An alternative scenario when the market turns up will be a breakdown of the resistance level of 0.4769 and an increase to the level of 0.5564.

Ethereum has not been able to gain a foothold above the area of 1519.84 - 1572.74, despite all attempts. Against the background of the decline in bitcoin, the ETH USD quotes fell to the support of 1436.48. If it is broken, the pair can continue to weaken to the level of 1290.82. If the support of 1436.48 holds, ETH USD may return to the area of 1519.84 - 1572.74.

Litecoin worked out the scenario of a decline to the level of 171.25. If it stands now, the pair may return to the current resistance level of 186.48. If the market continues to decline as a whole, LTC USD quotes may fall to Sunday lows.