Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bears take advantage as market momentum stalls

The cryptoverse seems to be on a roller coaster ride as the market witnessed high fluctuation. The 24-hour market volume for BTC, at press time, stood at $25.1 billion, with the market cap at $134.6 billion. LTC’s 24-hour market volume was $3.6 billion and the market cap amounted to $5.3 billion.

1 Day BTC chart  

Source: Trading View

The first uptrend line was seen from $3354 to $3882.97, $4141.85 to $5120.89, $5120.89 to $5713.15 and $5713.15 to $7514.11. The downtrend was seen from $8423.35 to $7277.23. The resistance stood at $8393.96 and support stood at $6762.95, at press time.

The Bollinger Bands indicated high volatility in the market, as the mouth of the bands was expanding

The Parabolic SAR’s dotted markers were seen above the candlesticks and indicated a bearish market

The Relative Strength Index indicator stood above the fifty marker and indicated buying pressure in the market

1 Day LTC chart

Source: Trading View

The uptrend at press time extended from $32.48 to $59.70 and the downtrend stretched from $126.06 to $78.25. The resistance stood at $89.26 and support was at $23.21.

The Awesome Oscillator showed short-term momentum, indicating a bearish selling opportunity.

The Chaikin Money Flow marker was seen below the zero mark, signifying money outflow being greater than money inflow, at press time.

The MACD line showed a bearish crossover

Conclusion

Both Bitcoin and Litecoin were struggling to consolidate as the bears ravaged the market. All the indicators projected a bearish future for the markets in the near-term.

Source: Read Full Article