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Today, bitcoin has passed the $52K mark, breaking through the 161.8% Fibo Expansion level. Meanwhile, experts warn of the risks of such a blistering rally. They believe that institutional investors have overestimated demand for the digital currency. It is too early to compare BTC with gold as a safe-haven asset. This means that the market may enter a correction. However, it is not clear when it is going to happen. That is when we should turn to the technical analysis.
Thus, BTC/USD is above yesterday's highs. Apart from that, another flag pattern was formed on the H4 chart. Yet, the quote is still trying to consolidate above 51,870.71, set by the 161.8% Fibo Expansion level.
A downward correction to the support level of 49,690.70 is still highly likely. Otherwise, the price may go up after consolidation above the 161.8% Fibo Expansion level.
Consolidation of Bitcoin Cash in the narrow corridor between 701.47 and 726.76 is still ongoing. Further direction of the pair will determine its way out from this range. It will also depend on whether the upward trend will extend or a correction will occur.
The closest upward target is seen at the horizontal level of 750.13. If the price goes down, it may well reach the support level of 667.95.
Ripple continues to consolidate in the narrow corridor of 0.5345 - 0.5564. If the price leaves this range, it may go to the mirror support level of 0.4769 (the lower blue horizontal line). In case of an upward breakout, the target will remain at 0.5957 (the green horizontal line).
Ethereum has set another record high, breaking through the 161.8% Fibo Expansion level. However, it failed to consolidate above it. The pair is consolidating above the horizontal line. If this level stands as support, the upward trend will extend. In case of a breakout, the nearest target for a downward correction will be set at the 1823,44 horizontal level.
Litecoin touched the resistance level of 239.79, consolidated, and fell to 228.90. The price is now testing the level but all its attempts to break through have been false so far. LTC/USD may well return to the horizontal level of 239.79, if the price fails to break through 228.90.
In case the price gives a reverse signal after a breakout at 228.90 and consolidation below it, the downward target will be set at 219.47.
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