Bitcoin and Ethereum Break Resistance
Bitcoin price formed a base above the USD 45,000 level and started a fresh increase. BTC broke the USD 46,000 and USD 46,500 resistance levels. It is currently (04:28 UTC) trading above USD 47,000 and it might correct lower in the short-term.
Similarly, most major altcoins are showing signs of a fresh increase. ETH was able to climb above the USD 3,380 and USD 3,400 resistance levels. XRP is still struggling to gain momentum above USD 1.10. ADA is consolidating near the USD 2.40 level.
After forming a base near USD 45,000, bitcoin price started a steady increase. BTC broke the USD 46,000 resistance and moved into a positive zone. It even climbed above the USD 47,000 and USD 47,200 resistance levels. On the upside, an immediate resistance is near USD 47,500. The next major resistance is near the USD 48,000 level, above which the price could gain bullish momentum.
On the downside, an initial support is near the USD 46,800 level. The first major support could be USD 46,500, below which the price could revisit USD 46,000.