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Analysis

Bitcoin [BTC] v. Litecoin [LTC] Price Analysis: King coin bearish as LTC follows the bull

Yash Rajan

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: King coin bearish as LTC takes bull ride
Source: Pixabay


Bitcoin [BTC] was priced at $7,684.69, dropping by 2.75% over 24 hours. According to CoinmarketCap, the king coin had a market cap of $136.63 billion and had a market dominance of 55.70%. Bitcoin had nosedived after its exponential rise took it to the $8,000 mark.

Litecoin [LTC] had a market cap of $7.18 billion and strengthened its 4th position on the cryptocurrency charts, at press time. According to CoinMarketCap, the digital currency was priced at $115.60. Falling by 1.78% in 24 hours, LTC had a 24 hour trading volume of $4.43 billion.

1-Day BTC

Resistance for the king coin stood at $8,774.80, with support positioned at $7,640.51 and $3,330.44. BTC recorded an uptrend from $4,272.31 to $8,817.91.

Source: TradingView

Source: BTCUSD Chart by TradingView

Parabolic SAR had the dotted markers above the candlesticks, indicating a bearish market.

Bollinger Bands suggested a slight convergence, indicating slight drop in the market’s volatility.

MACD displayed a bearish crossover as the MACD line was below the signal line.

1-Day LTC

LTC saw an uptrend from $34.44 to $116.52. Support lines were positioned at $58.38 and $101.84, as the crypto-asset faced resistance line at $118.68.

Relative Strength Index suggested some form of equilibrium between the market’s buying and selling pressure. However, the former was greater than the latter.

Chaikin Money Flow suggested that the money gushing into the market was higher than capital moving out.

Awesome Oscillator pointed towards some recent stability in the market’s momentum, most of which was of a bullish nature.

Conclusion

Bitcoin [BTC] continued to struggle to shrug off the June bears, while LTC consolidated on its bullish position.





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