12.02.202111:50 Forex Analysis & Reviews: Review of cryptocurrencies for February 12, 2021

Cryptocurrencies entered the green zone gaining from 0.50% to 11.59%. Ripple turned out to be a leader in terms of the price growth. According to Coinmarketcap, the digital coin advanced by 11.59%. Meanwhile, Litecoin was tarding flat.

The main virtual currency, bitcoin, hit the high recorded on February 9. However, the price failed to consolidate above it. The resistance level is still located at 48167.36. Notably, it is also a historic high. Thus, bulls should be more active so that they can break through this level.

Nevertheless, the price is still expected to soar to 50K or even to the 161.8% Fibo Expansion level.

The price consolidated in the 41,119.92 - 48,167.36 range, marked with red dotted lines. In general, either the price will reach a new high or a downward correction will extend towards the level of 41,119.92, if we do not take into account local fluctuations.

Bitcoin Cash dropped within the 508.94 - 538.35 sideways range as it had been expected. In this case, 538.35 is a strong resistance level. Anyway, the bearish engulfing pattern has not occured after a false breakout. Most likely, BCH/USD will return to this level and even retest it.

Meanwhile, Ripple is moving in the ascending channel of 0.3883 - 0.4469 - 0.4645, marked with dotted lines. The price has reached the horizontal resistance level of 0.5564 and is now trying to break through it. There are two possible scenarios on XRP/USD. Thus, a correction can occur within the upward trend once again. Otherwise, the price can break through both the resistance line of the channel and the horizontal level of 0.5564. The next upward target is seen at 0.5957. Therefore, if the pair consolidates above this level, XRP/USD will only strengthen.

Ethereum failed to break through its record high yesterday. It is now falling in the sideways range of 1697.27 - 1823.44. If the price reaches 1697.27, it can reverse upward and break through this level. Then, if the pair breaks through and consolidates below this level, it's next target will be the 100% Fibo Expansion level located close to 1561.87.

At the same time, ETH/USD can resume its upward movement after a downward correction. In this case, the target is still set close to 1891.64 - the 161.8 Fibo Expansion level.

As for Litecoin, the new local support (mirror horizontal level) and resistance are 176.34 and 195.06 respectively. Notably, the resistance level is also the high of February 10. The price failed to break through it. Both borders of the sideways range are marked with dotted lines.

Traders who are looking for entry points should pay attention to the way the price behaves towards one of these two levels. It is too late to open long positions but you can observe whether the price reachs the target set at 195.06 or a pullback occurs below this level.