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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC price breakout anticipated while LTC exhibits bullishness

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC price break anticipated while LTC exhibits bullishness
Source: Pixabay


The cryptocurrency market went on a big sprint, with the market cap climbing all the way to $191 billion, prompted by Bitcoin’s rally beyond $6,000. As BTC continued to outperform the altcoins, its silver counterpart, Litecoin [LTC] failed to gain significant upward movement in its valuation and was trading below $80.

1-day BTC chart

The largest cryptocurrency by market cap, Bitcoin held a market cap of $111.7 billion and was valued at $6,315 after surging by 4.41% over the last 24 hours. At press time, the crypto-asset on CoinMarketCap recorded a 24-hour trading volume of $18.6 billion.

Source: TradingView

The one-day BTC chart registered a significant uptrend from $4,143 to $5,153 and another uptrend from $5,143 to $5,740, catapulted by the latest sprint. A downtrend from $6,321 to $5,542 was also observed in the above chart. BTC broke the previous set resistance at $5,566 and was anticipated to break the next immediate resistance point at $6,500. BTC’s support stood firm at $3,859.

Bollinger Bands: The wide, open mouths of the bands indicated high price volatility for Bitcoin.

Awesome Oscillator: The closing bar of the indicator was green, suggesting a some bullish activity for the coin.

Chaikin Money Flow: The CMF was also 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

Litecoin held a market cap of $4.68 billion and was priced at $75.91, at press time. The fifth largest coin on CoinMarketCap recorded a 24-hour trading volume of $3.12 billion. LTC rose by 2.79% over the past 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, following market correction. A downtrend from $55.96 to $33.80 was also seen. The resistance point was found at $92.30 and the supports for the chart stood at $45.04 and $32.62.

Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for LTC.

MACD: The MACD indicator underwent a bullish crossover

Klinger Oscillator: The reading line was also above the signal line, pointing towards a bullish price pattern for Litecoin.

Conclusion

Bitcoin [BTC] and Litecoin [LTC] both exhibited strong bullish projections. While BTC surpassed major resistance points, LTC failed to post significant gains, despite bullish pattern.





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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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