Bitcoin updated its all-time high over the weekend, clearly working out the resistance level formed by the 161.8 horizontal on Fibo Expansion. Following the main cryptocurrency, altcoins also grew.
However, the update of the historical highs was followed by a downward correction, during which all positions were lost. The main question that traders are now interested in is how long this correction will last. The answer to this question can be partially given by technical analysis.
Bitcoin bounced down from the 161.8 Fibo Expansion level after reaching it. And at the beginning of the European trading session on Monday, the main cryptocurrency fell to the level of 100 on Fibo Expansion. Now, it all depends on whether this support will stand. If so, BTC/USD has a chance to recover to the level of 58340.66, marked with a dotted line. And after it – to the historical highs, which is the resistance of 161.8 on Fibo Expansion.
An alternative scenario would be a breakdown of the 100 support on Fibo Expansion and a further decline.
Bitcoin Cash reached a resistance of 611.50 over the weekend. But today, the pair has already fallen in the range of 508.94 – 538.35. There is still a margin in this corridor to the south. But whether the support level of 508.94 will stand or will be broken will largely depend on the dynamics of the main cryptocurrency today. If the price breaks through the horizontal 508.94, the BCH/USD quotes will go lower — to the level of 465.48.
Despite the growth of Bitcoin over the weekend, Ripple continues a systematic decline in the range between the support of 0.4071 (red segment) and the resistance of 0.4539. The margin of support for XRP/USD is still there.
Ethereum reached the level of 61.8 on Fibo Expansion over the weekend on the back of bitcoin’s growth. But it was not possible to gain a foothold above it, and the quotes are on the way to the support area of 1697.27 – 1789.44 (marked with red dotted lines). If it stands, the ETH/USD quotes may turn up. Otherwise, the price will continue to decline if there is a consolidation under the horizontal 1697.27.
The material has been provided by InstaForex Company – www.instaforex.com
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