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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins bullish, despite correction forces pulling BTC below $8000

Rishi Raj

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Digital Gold edges below $8,000 mark as digital silver follows


Bitcoin [BTC] continued to dominate the market as it was priced at $7,951, at press time. The market cap was $142 billion and the 24-hour trade volume was $31.6 billion, out of which BitMEX contributed 15.05% via the BTC/USD trading pair.

Litecoin [LTC], ranked 5th overall, was priced at $93.50. The market cap was $5.7 billion and the 24-hour trade volume came up to be $4.9 billion . Coineal contributed 12.81% to the trade volume via LTC/BTC pair.

1 Day-BTC

Source: Trading View

The 1-day chart for BTC showed an uptrend that extended from $4,225.71 to $7,991.72. The previous resistance points at $3,671.59, $4,110.47 and $5,341.24 were now support points.

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

The Chaikin Money Flow indicator showed an uptrend and remained above the zero line, suggesting the flow of capital into the market to be more than the outflow.

The Relative Strength Index was in the overbought zone, indicating a bullish trend.

1 Day- LTC

Source: Trading View

The 1-day chart for LTC showed an uptrend that extended from $58.99 to $92.03. The support point was seen at $22.41. The previous resistance points at $57.13 and $83.17 were now the coin’s support points.

The Klinger Oscillator showed a bullish trend as the Klinger Oscillator was above the signal line in an upward trend similar to the price trend.

The MACD indicator showed a bullish crossover

The Relative Strength Index was seen to touch the overbought zone, indicating a bullish trend.

Conclusion

The 1-day chart for BTC predicted the coin’s future to be bullish, as indicated by Parabolic SAR, CMF and RSI. The same can be said about the 1-day chart for LTC.





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Mastered the colonial language, inspired by music and places, crypto geek. Fries on mind 24/7, believes that Romeo and Juliet could have worked things out.

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