FX.co ★ Morning review of the cryptocurrency market on March 11, 2021

Bitcoin almost reached an all-time high, then rolled back down from it. Such bad news is another reminder to traders that it is necessary to make an allowance for greed when setting a target in a trade, that is, to set a take profit slightly below the predicted target.

Altcoins failed to overcome their key resistance levels, and the market headed for a downward correction. It is necessary to update the technical guidelines and understand the power reserve of the coins in question, which is what we will do in this review.

After a short consolidation above the level of 100 on Fibo Expansion (55,840.78 dollars per coin), bitcoin failed to reach a historical high. This suggests that the strength of crypto banks is still limited.

Now, the BTC/USD pair has returned to the level of 100 on Fibo Expansion, which opens the way for quotes to the nearest support on the horizontal 61.8 on Fibo Expansion (51978.45 dollars per coin). However, an upward reversal may occur earlier, near yesterday's lows.

An alternative scenario for BTC/USD is a breakdown of the level of 61.8 on Fibo Expansion. If the pair is fixed under it, it will open the way for further decline.

Bitcoin Cash, despite another attempt, failed to gain a foothold above the resistance level of 551.56, marked with a red dotted line. After the BCH/USD rebounded downwards, the target for the pair's decline remains first the level of 508.94, and if it is broken - the support is at 465.48.

Ripple's attempts to overcome the resistance of 0.4769 (blue segment) since February 23 remain unsuccessful. This indicates the strength of the level. After a rebound from it down and overcoming the intermediate horizontal of 0.4539, the XRP/USD quotes opened the way to the next support of 0.4071 (the red segment on the chart).

Ethereum failed to break the upper limit of the technical range between the support level of 1697.27 (red dotted line) and the resistance formed by the level of 61.8 on Fibo Expansion. ETH/USD still has a small margin to support, and then the direction of the pair will depend on whether the support of 1697.27 is satisfied or will be broken.