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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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Source: Unsplash

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.

Analysis

Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin to recover from fall, LTC could follow suit

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin recovers from the fall, LTC follows the suit
Source: Pixabay

Following a massive sell order on BitStamp exchange on 16 May 2019, Bitcoin saw a drastic fall to a low of $6,192. The king coin regained its momentum from the fall and was priced at $7,419, with a market cap of $131 billion. The 24-hour trade volume came up to $27 billion, out of which BitMex contributed 12.70% via the XBT/USD pair.

Litecoin, the silver to Bitcoin’s gold, was priced at $88.72 with a market cap of $5.48 billion. The 24-hour trade volume came up to  $4.8 billion, out of which, Coineal contributed 10.56% via LTC/BTC pair.

1-Day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4272.43 to $8107.83. The support points were seen at $3,159.65 and 5,004.95 and resistance was at $8206.27

The Relative Strength Index showed a bullish trend as it was exhibiting tremendous buying pressure.

The Chaikin Money Flow displayed the massive inflow of capital into the market.

The MACD indicator showed a bullish crossover.

1-Day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $42.27 to $92.92. The support points were at $22.67 and $29.94 and the resistance points were at $102.15 and $92.39.

The Parabolic SAR showed a bullish trend as the dotted markers were under the candles.

The MACD indicator showed a bullish crossover.

The Chaikin Money Flow was seen to be at zero, indicating an equilibrium between money inflow and outflow.



Conclusion

The one-day chart of BTC showed a bullish trend as indicated by the aforementioned indicators. The same can be said about LTC.





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