Bitcoin [BTC], the largest cryptocurrency in the world, took everyone by surprise recently when the prices went over $5000 for the first time since last year. Since then, the prices consolidated and went under corrections but the speculation did not end. Bitcoin continued to make strides; for example, it was recently announced by Binance CEO that Binance Singapore’s Fiat-to-Bitcoin exchange would be launching next week.
Litecoin [LTC] has enjoyed a lucrative year since the beginning of 2019 as the coin had witnessed a staggering 162 percent valuation since December 2018. However, Brian Donovan, BitOoda EVP, claimed that a downward wedge had started to form in the trend chart which indicated that a fall in price was imminent.
Bitcoin one-day chart:
Source: Trading View
The one-day chart of Bitcoin indicated the surge uptrend which extended the valuation from $4215.4 to $5308.3. At press time, the price of Bitcoin remained very close to the resistance line of $5312.4, which implied the possibility of another breach. The long-term support line for the trend remained at $3426.4 and the new support was at $4223.1.
The Bollinger Bands indicated a high volatile period for the coin at press time, even though the markers could converge (over a period of time) in the charts.
The Fisher Transform line remained above the red line, implying a bullish trend for the market.
The Chaikin Money Flow or CMF line was above the zero line in the chart, which implied that capital coming into the market was more than capital leaving the market.
Litecoin one-day chart:
Source: Trading View
The Litecoin one-day chart experienced a major uptrend pushing up the valuation from $46.682 to $92.335. The support line since the surge had been placed at $61.225 and the long-term support was constant at $32.697.
The Parabolic SAR As the dotted markers lied below the candlesticks in the chart, a bullish trend can be expected.
The MACD line pointed towards a bearish trend as the red line was above the blue line.
The Awesome Oscillator or AO indicated a bearish wave for the coin, but the momentum had subsided at press time.
Bitcoin [BTC] indicated a bullish trend, whereas Litecoin [LTC] may likely experience a standstill with minimum fall in valuation.
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