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Bitcoin price has finally managed to clear the main USD 16,500 resistance zone. As a result, there was a sharp rise above USD 16,700. The price traded close to USD 16,900 and is currently (04:30 UTC) consolidating gains above USD 16,600.
Additionally, there has been a strong bullish 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 appears that the bulls are aiming for further highs above USD 470. XRP / USD performed well, as it broke the USD 0.285 and USD 0.292 resistance levels.
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Bitcoin price
After a successful close above USD 16,500, the bitcoin price gained bullish momentum. BTC rose above 2% and was trading close to the USD 16,900 level. The price is now consolidating gains, with 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 could possibly increase the chances of a break test above the USD 17,000 level.
Ethereum price
The price of Ethereum started an upward movement above the USD 455 and USD 460 levels. ETH is trading above USD 465 and is facing a major hurdle near USD 470. A net close above the USD 470 level could 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’s cash price increased by 2% and managed to break through the USD 250 resistance level. BCH is now facing resistance near the USD 255 level. A positive close above USD 255 could pave the way for a push above the USD 260 level. Conversely, the USD 244 and USD 242 levels may provide support.
Chainlink (LINK) recovered above the USD 12.50 level and is currently trading near the USD 12.80 resistance. The main obstacle is near the USD 13.00 level. A positive close above the USD 13.00 resistance could open the door for a rally towards the USD 14.00 level. In the event of a further dip, the bulls could protect the USD 12.50 support zone.
The XRP price increased more than 10% and broke many barriers near USD 0.280, USD 0.285 and USD 0.292. It has nearly tested the USD 0.300 resistance and 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.
More altcoin markets today
In the past few hours, many altcoins have risen by more than 10%, including RDD, CRV, YFI, AAVE, RSR, GNT, ETC, LTC, NXM, SUSHI, AVAX, SNX and ZIL. CRV broke out of the USD 0.85 resistance.
Overall, the price of bitcoin is showing positive signals 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.
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