HomeTodays NewsBitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls surge as LTC joins the ride
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC bulls surge as LTC joins the ride
May 17, 2019
Bitcoin [BTC] continued to hold the title of the king of cryptocurrencies, with over 56 percent dominance in the entire market. According to CoinMarketCap, at press time, it was priced at $7,941.01 with a market cap of $140.81 billion. The 24-hour trading volume of Bitcoin was $33.39 billion, with a negative change of 1.04% over 24 hours.
The 1-day chart showed that there was an uptrend from $3816.18 to $8058.08. There was no major downtrend for Bitcoin. First support line stood at $4889.84 and the second support line stood at $3546.06. It got opposition from resistance line at $8220.35.
Bollinger Bands: Bands were diverging, indicating high volatility rate for Bitcoin.
Awesome Oscillator showed that the closing bar was green, signifying some bullish buying opportunity. Also, short-term momentum was greater than the long-term momentum.
Chaikin Money Flow showed the indicator’s line above the zero-line, demonstrating an influx of money into the market. It showed a bullish pattern for the chief crypto-asset.
Litecoin [LTC] gained momentum after continuously sluggish movement over the past few weeks. This was ignited by Bitcoin’s price rally. LTC stood strong at 7th position on CoinMarketCap. It was priced at $99.69, with a market cap of $5.81 billion and 24-hour trading volume of $6.68 billion.
The 1-day graph showed that LTC started gaining pace and moved past $90. Resistance line stood at $102.52 and the 1st support line stood at $60.58 and the second support line stood at $32.06. There was a sharp uptrend from $38.26 to $93.07 and a mediocre uptrend from $94.02 to $102.99.
The Bollinger Bands showed that the bands were diverging, indicating high volatility rate.
The Awesome Oscillator indicated bullish buying opportunity, implying that short-term momentum was greater than long-term momentum.
The Chaikin Money Flow indicator suggested that outflow of money was more than influx of money into LTC market.
Bitcoin gained momentum to continue on its bullish trend, while Litecoin too was starting to ride the bull wave.