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On Sunday, Bitcoin hit another all-time high, reaching $58,340 apiece. Ethereum followed it by updating its historical values, reaching $2,039 per ether. And today, we are witnessing a natural downward correction, the boundaries of which, as well as the further prospects of the main coins, will be determined by technical analysis.
Bitcoin rose, breaking the 100 Fibo Expansion level - this is the 55830.19 mark. But during the correction, it tries to return under this horizontal. It is not yet clear whether this breakout of the level will be true, or the quotes will still return to the range between the 100-161.8 levels of the Fibonacci extension.
So far, with such a technical picture, BTC/USD has the potential to move south as part of a downward correction to the 61.8 Fibo Expansion level. The target is to the south, near the 51,936.02 mark. If Bitcoin manages to stay above $55,830 per coin, there is a chance to return to the highs set on Sunday.
Bitcoin Cash, following the main cryptocurrency, declines after confirming both boundaries of the technical range 667.95 - 750.13. If the downward correction in the market continues, BCH/USD quotes are likely to break through the support at 667.95. And its confirmation in the form of resistance (ideally) will signal a further decline towards the support level of 611.50. Alternative scenario: recovery of the pair in the sideways 667.95 - 750.13, will be possible if the level of 667.95 manages to resist.
Among all cryptocurrencies this morning, Ripple showed the greatest growth, which, however, was lost in the next few hours. But in recent days, both borders of a wide technical range between the support level of 0.4769 (blue lower segment) and resistance 0.6387 (blue upper dotted line) have been confirmed. Now, XRP/USD has room to move south towards the 0.6737 level, and the further dynamics of the pair will depend on whether this horizontal can withstand.
Ethereum is clearly working out the Fibo Expansion levels. During the update of the all-time high on the weekend, the 100 Fibonacci extension level was reached. Now, during the downward correction, ETH/USD has broken through the level of 61.8 and found support at the local horizontal at 1823.44. If this level is not maintained and the decline in quotes continues, the next horizontal line 1697.27 should be considered as a target to the south.
Litecoin also turned down after the quotes failed to stay above the level of 239.79. In the four-hour timeframe, some semblance of a "head and shoulders" reversal pattern was formed, although the upward trend that preceded it can hardly be called technical. Therefore, LTC/USD has the potential to decline to the level of 205, 25. And the subsequent decline can be discussed after the breakdown of this horizontal and consolidation under it.
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