Connect with us

Analysis

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins join bears as collective market dips

Avatar

Published

on

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins join bears as collective market dips
Source: Pixabay


Bitcoin [BTC], the digital gold and its silver counterpart, Litecoin [LTC], followed a bearish pattern following a major bullish price breakout.

At press time, BTC held a market cap of $69.82 billion and was priced at $3,964. The largest cryptocurrency registered a 24-hour trading volume of $10.13 billion and exhibited a minor loss of 1.61% against the US dollar over the past 24 hours.

The fourth largest digital asset on CoinMarketCap, Litecoin [LTC], registered a market cap of $3.81 billion and a 24-hour trading volume of $1.99 billion. The coin was priced at $59.24, and exhibited a decline of 2% over the past 24 hours.

1-day BTC chart

Source: TradingView

Bitcoin’s one-day chart exhibited a long uptrend from $3,194 to $3,796. Downtrends from $6,246 to $4,032 and $6,246-$4,032 were registered on the chart. The support of the coin was found at $3,182, while the immediate resistance stood at $4,532.

Parabolic SAR: The dotted markers were below the candlesticks, predicting a bullish price movement for the coin.

MACD: The MACD line was below the signal line, suggesting a bearish projection.

Klinger Oscillator: The reading line was also below the signal line and pictured a bearish trend for Bitcoin.

1-day LTC chart

Source: TradingView

On LTC’s one-day chart, uptrends from $32.83 to $45.56 and $22.75 to $30.75 were recorded. A major downtrend from $50.32 to $30.90 was also seen. The immediate resistance for the digital asset was marked at $67.63, while support points were found at $40.90 and $29.65.

Bollinger Bands: The mouth of the bands depicted a stagnant price movement for Litecoin as they moved parallely.

Awesome Oscillator: The closing bars of the indicator were red, indicating bearish price momentum for Litecoin.

Chaikin Money Flow: The CMF was below the zero-line, suggesting that money was flowing out of the coin market and hence, a bearish market.

Conclusion

The daily chart for both Bitcoin and Litecoin projected a bear market for its prices in the long-term.





Subscribe to AMBCrypto’s Newsletter


Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement