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Bitcoin [BTC] vs Litecoin [LTC] Price Analysis: King coin sees bearish pressure as LTC rides the bull wave

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: BTC struggles with bear as LTC rides the bull wave
Source: Pixabay

Bitcoin was priced at $8,004.45, with a market cap of $141 billion. The 24-hour trade volume came up to be $21.4 billion, out of which Negocie Coins contributed 9.50% via the BTC/BRL pair. BTC saw a drop of 0.06% in the past 24 hours, at press time.

Litecoin was priced at $101.74, with a market cap of $6.3 billion. The 24-hour trade volume amounted to $4.26 billion, out of which Coineal contributed 11.86% via the LTC/BTC pair. LTC saw a drop of 0.47% in the past 24 hours, at press time.

1-day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4,733.50 to $8,203.32. The support points were at $3,157.69, which was tested in December 2018, and $4,863.86, which was tested multiple times in April 2019. The strong resistance was at $8,209.91.

Parabolic SAR indicated a bearish trend as the dotted markers were above the candles.

Awesome Oscillator showed a decrease in momentum as the red bars were projecting a bullish buying opportunity.

Klinger Oscillator displayed a bearish trend.

1-day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $55.88 to $102.26. The support points were at $22.64, which was tested in December 2018, and $29.82, which has been tested multiple times in the past. The point of correction was at $103.48.

The MACD indicator showcased a bullish crossover as the MACD line was above the signal line.

Relative Strength Index showed an increased buying pressure as the graph was close to the overbought zone, indicating a relatively bullish phase.

Awesome Oscillator was presending a bullish buying opportunity.

Conclusion

The one-day chart of BTC showed an overall bearish trend, as indicated by the aforementioned respective indicators, while the one-day chart of LTC displayed a bullish trend by the indicators.





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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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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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