Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls hold fort as market stagnates

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Bitcoin [BTC] and its silver counterpart, Litecoin [LTC], witnessed minor bull runs throughout the week, which catapulted BTC’s price above $4,000 and LTC’s price above $60.

At press time, BTC held a market cap of $71.63 billion and was priced at $4,066. The largest cryptocurrency registered a 24-hour trading volume of $9.88 billion and exhibited a minor loss of 0.08% against the US dollar over the past 24 hours.

The fourth largest digital asset on CoinMarketCap, Litecoin [LTC], registered a market cap of $3.72 billion and a 24-hour trading volume of $1.84 billion. The coin was priced at $60.91 and exhibited a decline of 0.80% over the past 24 hours.

1-day BTC chart

Source: TradingView

Bitcoin’s one-day chart exhibited a minor uptrend from $3,358 to $3,906. A major downtrend from $5,562 to $4,117 was registered on the daily chart. The support of the coin was at $3,182, while the immediate resistance stood at $5,568.

Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish price trend for the golden crypto.

Klinger Oscillator: The reading line was under the signal line and exhibited a bullish crossover.

MACD: The MACD line, however, sustained a bearish crossover.

1-day LTC chart

Source: TradingView

On LTC’s one-day chart, an uptrend from $32.90 to $45.68 was followed by a minor correction, and an uptrend from $45.68 to $58.55 was recorded. Downtrends from $50.23 to $39 and from $38.61 to $33.87 were also pictured. The immediate resistance for the digital asset stood at $67, while support points were found at $40.90 and $29.04.

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

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

Chaikin Money Flow: The CMF was well above the zero-line, suggesting that money was flowing into the coin market.

Conclusion

The daily chart for Bitcoin was steered by the bull, while Litecoin projected mixed signals along with stagnant price movement.


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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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