Bitcoin Above USD 17,000, Altcoins Start Rally
Bitcoin price remained in a bullish zone and it climbed further above the USD 16,000 resistance. BTC gained momentum and it surpassed the USD 17,000 resistance level. The price is currently (13:00 UTC) trading above USD 17,000 and it might continue to rise towards USD 17,400.
Similarly, there was a strong increase in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up more than 3% and it broke the USD 470 resistance. XRP/USD is holding gains and it settled above the USD 0.300 resistance zone.
Total market capitalization
After a minor downside correction, bitcoin price restarted its upward move above USD 16,700 and USD 16,800. BTC was able to clear the USD 17,000 barrier and traded close to USD 17,100. The price is currently consolidating gains and it seems like the price might rise further above USD 17,200. The next major resistance sits at USD 17,400.
If there is a downside correction, the USD 16,920 level is a decent support. The first major support is now forming near the USD 16,800 level (the recent breakout zone).
Ethereum price is gathering pace and it broke the USD 470 resistance level. The next key resistance is near the USD 478 level, above which the price could continue to rise towards the USD 495 and USD 500 levels.
If the price fails to clear the USD 478 and USD 480 resistance levels, there could be a downside correction. An initial support is near the USD 465 level, but the key support is now forming near the USD 460 level.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is rising steadily and it is now trading above the USD 250 level. BCH is showing positive signs and it could rise above the USD 255 and USD 258 levels. The first key resistance is near the USD 260 level, above which the bulls might aim for a break above the USD 265 level.
Chainlink (LINK) is showing positive signs and it is well above the USD 12.50 resistance. The price is now approaching the USD 13.00 resistance. A successful close above the USD 13.00 level could set the pace for a move towards the USD 14.00 level. If there is a downside correction, the price could find bids near the USD 12.50 level.
XRP price outperformed most major altcoins with a massive move above the USD 0.285 and USD 0.292 resistance levels. The price even settled above the USD 0.300 level. The next major resistance is near the USD 0.3080 level, followed by USD 0.312. On the downside, the bulls might protect losses below USD 0.298 and USD 0.295.
Other altcoins market today
In the past few hours, many altcoins gained over 8%, including CHSB, YFI, RSR, SNX, CRV, REN, LTC, ETC, NXM, ADA, ONT, DOT, BAL, and AAVE.
To sum up, bitcoin has successfully overcome the USD 17,000 hurdle. Also, there are chances of more upsides in BTC above the USD 17,200 level in the near term.
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