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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC remains bullish while LTC exhibits high volatility

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC remains bullish while LTC exhibits high volatility
Source: Pixabay


The cryptocurrency market cooled down after a collective pump drove Bitcoin’s price from $6,00 to$7,500. The collective market cap stood at $216 billion, following the fall in prices in the early hours of May 13.

1-day BTC chart

The largest cryptocurrency by market cap, Bitcoin [BTC] fell by 1.90%over the last 24 hours and was trading at $7,017, at press time. The crypto-asset held a market cap of $124.1 billion and registered a 24-hour trading volume of $26.70 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, following market correction. A downtrend from $6,321 to $4,028 was also observed in the above chart. Even as the coin fell shortly after the massive pump, the coin is anticipated to surpass its resistance at $8,000.

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

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

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

1-day LTC chart

The fifth largest crypto-asset on CoinMarketCap, Litecoin [LTC], held a market cap of $5.30 billion. The silver coin too fell, falling by 2.52% over the past 24 hours after the bull run and was trading at $85.98, at press time. The coin recorded a trading volume of $5.10 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. Even as the latest upswing drove LTC’s valuation beyond the $90-mark, the pump was short-lived as the coin fell below the resistance mark again.

The silver coin found support at $45.04.

Bollinger Bands: The diverging mouth of the bands indicated high price volatility and a potential price break out was anticipated.

Chaikin Money Flow: The CMF was below the zero-line, indicating that money was flowing out of the coin market. Hence, a bearish price pattern for the crypto-asset was recorded.

Klinger Oscillator: The KO indicator projected a bullish price pattern for the coin

Conclusion

Both Bitcoin and Litecoin fell after a brief stint with the bulls. While BTC remained positive, with all its indicators appearing bullish, LTC exhibited more mixed signals despite leaning towards the bulls.





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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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