17.03.202112:02 Forex Analysis & Reviews: Consolidation before new impulse. Cryptocurrency market review for March 17, 2021

Cryptocurrencies continue to consolidate, with no prospects for further significant growth. Most of the sideways ranges and key levels remain relevant. Against this background, some forecasts point to a correction.

Bitcoin broke through the 100% Fibonacci extension level again, this time from bottom to top. A pullback to this level may end with the confirmation of the pair's horizontal movement and its further growth to the previous historical highs - the resistance of 58,340.66 marked with a dotted line. If there is no confirmation, the quotes will continue to trade along the 100% Fibonacci horizontal line between yesterday's highs and lows.

Bitcoin Cash is trading in a sluggish mode in the middle of the 508.94 - 538.35 range. Therefore, it will be possible to determine the further direction of BCHUSD only after the pair breaks through one of its borders. If the price consolidates above the resistance level of 551.56 marked with a red dotted line, Bitcoin Cash is likely to continue rising towards the 611.50 level. And if the price gets out of the sideways range downwards, breaking through the level of 508.94, the quotes are expected to slip to the support level of 465.48.

Ripple failed to break through the upper border of the range between the support level of 0.4071 (red line) and the resistance level of 0.4539 (blue horizontal line). The price continues its consolidation in a narrow range below the level of 0.4539. The cryptocurrency is still expected to decline to the support level of 0.4071. This is the most likely scenario.

Ethereum continues to trade sideways between the support zone of 1697.27 - 1789.44 (marked with red dotted lines) and the local mirror resistance level of 1813.92 (marked with blue dotted line). Since the price remains below this horizontal line, ETHUSD is likely to continue moving down towards the area of 1697.27 - 1789.44.