India’s Reserve Bank of India denies participating in the plot to ban cryptocurrencies

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The cryptocurrency market’s alpha, Bitcoin, recorded a tumultuous few days after its price fell below $8000. Its silver counterpart, Litecoin, also dropped a few dollars in valuation and its creator,  Charlie Lee, was in the news after he said that he created Litecoin for fun and wanted to mimic gold and silver’s relationship.

1 Day BTC chart

Source: TradingView

Bitcoin had a recorded 24-hour trading volume of $23 billion, with the market cap at $139 billion, at press time.

An uptrend was sighted from $4122.68 to $5120.32, while the other uptrend extended from $5715.70 to $7662.72. Resistance was found at $8789.10, with support at $3173.30.

Bollinger Bands indicated squeezing volatility in the market.

Parabolic SAR pointed towards a bearish market as the dotted markers were found above the candlesticks.

Relative Strength Index denoted an emerging selling pressure in the market as the RSI was dropping.

 1 Day LTC chart

Source: TradingView

The 24-hour trading volume was recorded at $4 billion, with its market cap at over $6 billion, at press time.

An uptrend was registered from $45.55 to $66.03, and a downtrend from $92.98 to $77.35. Resistance was sighted at $116.609 and support at $23.18.

The Aroon indicator indicated sideways movement in the market, as the Aroon up line and Aroon down line were moving downwards.

Awesome Oscillator pointed towards a bearish selling opportunity

Chaikin Money Flow denoted growing money influx into the market as the CMF line was seen above the zero mark.

Conclusion

BTC tagged along with the larger bearish market, while LTC experienced sideways movement.

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