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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC hits $8,000 as LTC follows it on bullish course

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The cryptocurrency market rallied strongly, surpassing a market cap of over $239 billion. During the early hours of May 14, Bitcoin rallied beyond $8,000 briefly. A bullish spree was later exhibited by altcoins on the back of BTC’s surge.

1-day BTC chart

The largest cryptocurrency by market cap, Bitcoin [BTC], rallied by 13.06% over the last 24 hours and was trading at $ 8,108 at press time. The king coin held a market cap of $143.5 billion and registered a 24-hour trading volume of $32.3 billion.

Source: TradingView

The one-day BTC chart registered a significant uptrend from $4,143 to $5,148 and another uptrend from $5,148 to $5,744, following market correction. No significant downtrend was observed for the above chart. Bitcoin found its support at $5,018.

Bollinger Bands: The diverging mouth of the bands indicated high price volatility for Bitcoin’s price.

Awesome Oscillator: The closing bars of the indicator were green, suggesting bullish activity for the coin.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for the crypto-asset was recorded.

1-day LTC chart

The fifth largest crypto-asset on CoinMarketCap, Litecoin [LTC], held a market cap of $5.63 billion. The silver coin surged by 5.14% over the past 24 hours after the massive bull run and was trading at $91.24, at press time. Additionally, the coin recorded a trading volume of $5.90 billion over the last 24 hours.

Source: TradingView

The one-day Litecoin [LTC] chart registered an uptrend from $32.86 to $66.76 and another uptrend from $66.76 to $73.80. A downtrend from $55.96 to $33.80 was also observed. The coin’s price juggled between the range of $85-$91.

The immediate support for the coin stood at $45.04.

Parabolic SAR: The dotted markers were below the candles, suggesting a bullish trend for the silver coin

MACD: The MACD line was above the signal line, indicating the coin following a bullish course

Klinger Oscillator: The KO indicator also projected a bullish price pattern for Litecoin

Conclusion

Bitcoin was firmly bullish and highly volatile. Hence, the coin was expected to spike above $8,000, at press time. Similarly, Litecoin was also firmly on a bullish course.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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