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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bears loom as market correction forces hit market

Biraajmaan Tamuly

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Ethereum [ETH] and Tron [TRX] Price Analysis: Bears dominate market as tokens bleed
Source: Pixabay


After the recent bull run, market correction forces forced many coins to lose their valuation. Bitcoin [BTC], the largest cryptocurrency in the world, witnessed a minor decline of 0.82 percent against the US Dollar. The market capitalization was recorded to be around $91 billion and the coin was priced at $5171, at press time.

Litecoin [LTC] suffered brutally at the hands of the bear as its valuation dropped by 7.22%, at press time. The 24-hour trade volume was around $2.9 billion, while the token was priced at $81.78.

Bitcoin 1-day chart

Source: Trading View

The 1-day chart for Bitcoin was relatively positive as prices rose on the back of the recent bullish wave. The uptrend extended from $3913.60 to $5308.60. The new resistance line was scaled at $5312.40 and the support line remained at $3281.70.

The Parabolic SAR indicator remained under the candlesticks in the chart, implying the continuation of the bullish trend.

The Chaikin Money Flow line was above the zero line, indicating major cash inflow for the coin.

The Fisher Transform line dipped under the red line, indicating the start of a bearish trend.

Litecoin 1-day chart

Source: Trading View

Litecoin’s one day chart was majorly bullish as the coin witnessed a huge spike in price since December 2018. The significant uptrend extended from $40.053 to $92.578 and the support was lined at $23.23. The resistance line after the bull run was placed at $93.61.

The Bollinger Bands pointed towards a volatile period for the coin as the markers were diverging on the chart.

The Relative Strength Index pointed towards a neutrality between the selling and buying pressure after the token was oversold in the market earlier.

The Awesome Oscillator gave the upper hand to the resurfacing bearish momentum as the red bars dominated the trend chart.

Conclusion

Both tokens’ prices dropped significantly after market correction forces took hold of the coins. A reversal to a bearish trend was considered imminent.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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