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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coin prices dip as bullish momentum stalls

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coin prices dip as bullish momentum stalls
Source: Pixabay


The cryptocurrency market witnessed a significant drop today, with the collective market cap falling to $170.9 billion following the Bitfinex-Tether episode.

At press time, Bitcoin [BTC] held a market cap of $93.60 billion and was priced at $5,298, registering a 24-hour trading volume of $17.92 billion. The largest crypto-asset on CoinMarketCap fell by 2.83% over the past 24 hours.

BTC’s silver counterpart, Litecoin [LTC], was struggling below the $80-mark and fell by 0.55% over the last 24 hours. It recorded a 24-hour trading volume of $3.24 billion. The fifth largest digital asset held a market cap of $4.47 billion and was priced at $72.66.

Bitcoin [BTC]

Source: TradingView

The one-day BTC chart recorded an uptrend from $4,192 to $5,210, along with a downtrend from $6,451 to $5,309. The immediate resistances were at $5,654 and $6,467, while the supports stood at $4,036, $3,789 and $3,469.

Bollinger Bands: The mouth of the bands depicted a stagnant price market phase for Bitcoin.

Awesome Oscillator: The closing bars of the indicator were red and indicated a bearish pattern 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 trend for BTC was recorded.

Litecoin [LTC]

Source: TradingView

The candlestick arrangement on the one-day LTC chart registered a significant uptrend from $33.67 to $71.76, depicting fair price movement since the beginning of the year. A downtrend from $56.34 to $34.70 was also observed in the above chart. The resistance continued to be the much anticipated $90-mark. The supports for the coin stood firm at $59.31, $49.83 and $43.52.

Parabolic SAR: The dotted markers were above the candles, indicating a bearish phase for Litecoin.

MACD: The MACD line was below the signal line, projecting a bearish pattern for LTC’s valuation.

Klinger Oscillator: The reading line was also below the signal line and depicted a bearish trend for the coin’s price.

Conclusion

After the latest market dip, Litecoin struggled to get hold of the bull, while Bitcoin exhibited stagnancy in its market behavior.





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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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