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.
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.
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.
/cryptonews.com/
2020-11-17
Recent posts
Ethereum Hits USD 2,000, Outshined by Bitcoin (UPDATED)
The two largest cryptoassets, bitcoin (BTC) and ethereum (ETH), are on their journey of discovering new all-time highs. (Updated on February 1, 06:13 UTC, with the latest market data and comments from Elon Musk.)
CryptocurrenciesDogecoin Blasts Into Top 10, And Leaves
Yesterday, it was the 33rd largest cryptoassets by market capitalization, today it was 7th, before dropping to the 12th position.
CryptocurrenciesLost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
Cryptocurrencies