Bitcoin price finally managed to clear the main USD 16,500 resistance zone. As a result, there was a sharp increase above USD 16,700. The price traded close to USD 16,900 and it is currently (04:30 UTC) consolidating gains above USD 16,600.
Also, there was a strong upward move in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke the USD 460 resistance and it seems like the bulls are aiming for more upsides above USD 470. XRP/USD performed well, as it broke the USD 0.285 and USD 0.292 resistance levels.
Total market capitalization
After a successful close above USD 16,500, bitcoin price gained bullish momentum. BTC climbed above 2% and it traded close to the USD 16,900 level. The price is now consolidating gains, with an initial support at USD 16,600. The first major support is now forming near the USD 16,500 level (the recent breakout zone).
On the upside, the USD 16,800 level is a short-term resistance. A clear break above USD 16,800 may perhaps increase the chances of a test of a break above the USD 17,000 level.
Ethereum price started an upward move above the USD 455 and USD 460 levels. ETH is now trading above USD 465 and it is facing a major hurdle near USD 470. A clear close above the USD 470 level might stage a solid bullish wave above USD 480 and USD 485.
On the downside, the USD 460 level is an initial buy zone for the bulls. The key support is now forming near the USD 450 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is up 2% and it managed to clear the USD 250 resistance level. BCH is now facing resistance near the USD 255 level. A successful close above USD 255 might clear the path for a push above the USD 260 level. Conversely, the USD 244 and USD 242 levels could provide support.
Chainlink (LINK) recovered above the USD 12.50 level and it is currently trading near the USD 12.80 resistance. The main hurdle is near the USD 13.00 level. A successful close above the USD 13.00 resistance might open the doors for a rally towards the USD 14.00 level. If there is a fresh decline, the bulls might protect the USD 12.50 support zone.
XRP price rallied over 10% and it broke many barriers near USD 0.280, USD 0.285 and USD 0.292. It almost tested the USD 0.300 resistance and it is currently correcting gains. On the downside, an initial support is near the USD 0.292 level. Any further losses could lead the price towards the USD 0.285 support.
Other altcoins market today
In the past few hours, many altcoins rallied over 10%, including RDD, CRV, YFI, AAVE, RSR, GNT, ETC, LTC, NXM, SUSHI, AVAX, SNX, and ZIL. CRV cleared the USD 0.85 resistance.
Overall, bitcoin price is showing positive signs above the USD 16,500 breakout zone. If BTC remains stable above USD 16,500 or USD 16,350, it could attempt a break above the USD 17,000 resistance.