Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins trade in green as market breaches $140 billion mark

click here to see original post

The collective cryptocurrency market surged and broke the $140 billion mark for the first time in a week, as major coins turned green. Bitcoin [BTC] and Litecoin [LTC], the first and fourth largest virtual currencies in the market, saw commendable gains as EOS and Cardano [ADA] took the market by storm.

Bitcoin saw a notable 2.08 percent gain in the market, and was holding above the $4,000 mark. At press time, BTC was priced at $4,047, with a market valuation of $71.28 billion.

FCoin took the top spot in terms of BTC trade volume, accounting for 8.85 percent of the total in the trading pair BTC/USDT. Other prominent exchanges were BitMEX, OEX, and CoinBene.

Litecoin also gained by 2.73 percent against the US Dollar, with its price rising to $60.95. The market cap of the coin stood at $3.72 billion, ahead of a bullish EOS by just under $25 million.

BITKER was the most dominant exchange in terms of LTC trading volume, notching 11.73 percent of the total in the trading pair LTC/BTC. Other notable exchanges were Coineal, Coinall, and FCoin.

Bitcoin 1-day

Source: Trading View

The one-day chart pointed to a recovery for the top cryptocurrency after the February downtrend cut the price from $4,217 to $3,973. During mid-March, the coin shot up from $3,961 to $4,092 and then on 21 March, the price again fell from $4,126 to $4,041.

Bitcoin found immediate support at $3,947, while the immediate resistance level of the coin stood at $4,127.

The Bollinger Bands showed a decrease in the coin’s volatility as the price increased only mildly, while the Moving Average line indicated a switch from the bears to the bulls.

The Chaikin Money Flow tool pointed to an increase in the money inflow into BTC tokens as the CMF line surged above 0.

The Awesome Oscillator showed positive short-term momentum. However, since the concluding bars were red, imminent bearish momentum was expected.

Litecoin 1-day

Source: Trading View

The one-day Litecoin chart showed a tale of uptrends and market-correction induced downtrends, with an overwhelmingly positive outlook for the fourth largest cryptocurrency. Two prominent uptrends were noted, from $41.33 to $51.38, and the next from $56.54 to $61.27.

Litecoin found immediate support at $54.57, while the immediate resistance level of the coin stood at $61.22, which the coin looked close to breaking.

The Parabolic SAR showed a recovering bearish trend as the dotted lines were above the coin’s trend line.

The Relative Strength Index indicated a mild increase in investor interest as the RSI rose from 58.02 to 61.33.

The MACD continued its bearish outlook, with the Signal line above the coin’s trend line.

Conclusion

Bitcoin’s persistent stay above the $4,000 mark pushed the collective coin market to surge. Litecoin was also performing well, but is pegged to be overtaken by a bullish EOS. Bitcoin’s volatility was low as money flow into the coin market was positive and short-term momentum was on a high. Litecoin however, looked to clash with the bears as the MACD and Parabolic SAR indicated an imminent downtrend.

Share !