Bitcoin [BTC] vs Litecoin [LTC] Price Analysis: Bulls hold sway as coins post significant gains

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Bitcoin [BTC], the king of cryptocurrency market, witnessed a significant hike and breached the $8500 mark. This not only resulted in the entire cryptocurrency market rejoicing, but also contributed to most altcoins recording significant gains. The coin, which was trading at $8775.08 at press time, reached its 2019 high at $8947.88 on Coinbase.

At press time, BTC had a market cap of $155.29 billion and an overall market dominance of 57.4%. The 24-hour trading volume for the cryptocurrency was $30.21 billion.

Litecoin [LTC], the Vegeta to Bitcoin’s Goku, also rose with the digital gold. The coin was priced at $114.34 with a rise of 12.73% over the 24-hour trading cycle. LTC strengthened its 5th position with a market cap of $7.06 billion.

1-Day BTC

BTC saw two significant uptrends over the past two months. First uptrend started from $3,984.68 and ended at $8,193.38. The next uptrend started from $8,193.38 and ended at $8,744.57. Resistance lines stood at $8,997.75 and support lines were positioned at $5,026.28 and $3,742.69.

Source: TradingView

Bollinger Bands showed an increase in volatility as the bands were diverging, making more space for price movements.

Awesome Oscillator displayed a consistent growth rate above the zero-line and presented a bullish buying opportunity.

Chaikin Money Flow indicator revealed that money flowing into the market was higher and was supported by indicator line that was positioned at 0.21.

1-Day LTC

LTC recorded three uptrends over the course of two months. First uptrend was from $50.59 to $92.33, second uptrend was from $92.33 to $102.31. The third uptrend was steeper which began at $102.60 and ended at $115.81. LTC faced resistance at $115.02, and the support lines were positioned at $66.47 and $41.36.

Source: TradingView

Source: TradingView

Parabolic SAR indicator presented a bullish trend in the market as the dotted markers were below the candles.

Relative Strength Indicator showed that the cryptocurrency was currently overbought in the market as the indicator was above the 50-line.

MACD indicated a strong bullish presence as the moving average line was placed well-above the signal line, after a crossover.

Conclusion

Bitcoin and Litecoin appeared to be in a bullish zone, as forecast by their charts’ indicators.


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