Bitcoin and Litecoin Price Analysis: BTC seems bearish as LTC goes on bullish ride

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Bitcoin [BTC] was priced at $7,917.49, after a fall of 0.72% over the 24-hour cycle. As per CoinMarketCap, king coin held its position of authority with 55.60% market dominance. BTC had a market cap of $140.52 billion as it plummeted below the $8,000 mark.

Litecoin [LTC] took the fourth position with a market cap of $7.27 billion, at press time. LTC was valued at $117.07 with a climb of 0.69% over 24 hours.

1-Day BTC

BTC saw two uptrends from $4,073.61 to $8,235,36 and next uptrend started at $8,235.36 and ended at $8,792,73. Resistance line stood at $8,774.80 as the two support lines were positioned at $7,640.51 and $3,330.44.

Source: TradingView

Relative Strength Index revealed that purchasing pressure was marginally higher in the market as the marker line remained at 51.68, just above the 50-line.

Chaikin Money Flow pointer demonstrated that cash streaming into the market was moderately higher than cash streaming out, as the marker line remained at 0.08, just above the zero-line.

Awesome Oscillator pointed towards a bearish twin peak. Selling opportunity was high in the market. As there were two simultaneous peaks above the zero-line, bearish twin peak occurred. The second peak was found to be lower than the first peak. Then, it was followed by a red bar.

1-Day LTC

LTC faced opposition from resistance line at$118.68 as support line was stationed at $101.84. The digital currency saw three significant uptrends. First started from $39.32 to $92.36, the second started at $91.49 and ended at $101.92. The last uptrend began at $102.50 and closed at $115.83.

Source: TradingView

Source: TradingView

Bollinger Bands indicated increased volatility as bands diverged.

Parabolic SAR conveyed a bullish pattern as the markers were set underneath the candles.

MACD exhibited a bearish signal line crossover as the MACD line crossed underneath the signal line, along with a possibility of bullish trend in the offing.

Conclusion

BTC 1-Day chart revealed a bearish market trend, as BTC descended below the $8,000 mark and LTC coins remained in the bullish zone.


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