Connect with us

Analysis

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC sends mixed signals while LTC sides with the bear

Avatar

Published

on

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC sends mixed signals while LTC sides with the bear
Source: Pixabay

Litecoin [LTC] was overtaken by Bitcoin Cash [BCH] on CoinMarketCap after market correction forces followed a week of price surges and coin market consolidation.

At press time, Bitcoin [BTC] held a market cap of $90.29 billion and was priced at $5,117. The crypto registered a 24-hour trading volume of $12.64 billion and rose by 1.64% over the past 24 hours.

Litecoin [LTC], the fifth largest cryptocurrency, held a market cap of $4.89 billion and a 24-hour trading volume of $2.67 billion. The crypto-asset was valued at $79.85 and gained by 2.23% over the past 24 hours.

1-day BTC chart

Source: TradingView

BTC’s one-day chart exhibited a downtrend from $6,451 to $5,309, along with a small uptrend from $4,194 to $5,109. The supports for the crypto-asset were found at $4,036, $3,789 and $3,469, while the immediate resistances stood at $5,654 and $6,467.

Bollinger Bands: The mouth of the bands was open and predicted increasing volatility for BTC’s price.

Awesome Oscillator: The closing bars of the indicator were red, projecting bearish 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 BTC was forecast.

1-day LTC chart

Source: TradingView

The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.17 to $79.10 was registered. A minor downtrend from $56.52 to $34.60 was also noted.

The coin continued to fall back below the $80 mark. However, another potential price break was anticipated, one that may push the coin over the recently surpassed $90. The support points for LTC stood firm at $56.70 and $41.93.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish phase for the silver crypto.

Klinger Oscillator: The reading line was below the signal line and projected a bearish course for LTC’s price.

MACD: The MACD line was also below the signal line after a bearish crossover.

Conclusion

Bitcoin’s valuation continued to project high volatility and oscillated between bullish and bearish patterns, unlike Litecoin, which sided with the bear.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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

Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

Published

on

Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending