2019-5-12 12:00 |
The collective cryptocurrency market was climbing after the recent Bitcoin bullish swing as the market cap hit $219.8 billion. Bitcoin [BTC] continued to trade higher and surpassed a major resistance point at $7,000. Its silver counterpart Litecoin [LTC] also followed suit to break past the much-anticipated $90-mark.
1-day BTC chart
The largest cryptocurrency by market cap Bitcoin [BTC] was trading at $7,301 after rallying 8.37% over the last 24 hours. At press time, the crypto-asset held a market cap of $128.5 billion and recorded a trading volume of $30 billion.
Source: TradingView
The one-day BTC chart registered a significant uptrend from $4,143 to $5,153 and another uptrend from $5,143 to $5,740, following market correction. A downtrend from $6,321 to $5,542 was also observed in the above chart.
BTC broke the previous set resistance at $6,500 and $7,000 in a very short period of time and is expected to climb higher. The digital coin found support at $3,859.
Bollinger Bands: The open mouth of the bands indicated high price volatility and another price break out for Bitcoin.
Awesome Oscillator: The closing bar of the indicator was green, suggesting some bullish activity for the coin.
Chaikin Money Flow: The CMF was also above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for the crypto-asset was recorded.
1-day LTC chart
The fifth largest crypto-asset on CoinMarketCap, Litecoin [LTC], held a market cap of $5.63 billion. The coin posted significant gains and rallied to $91.25 after a pumping 15.80 % over the past 24 hours. At press time, the coin registered a 24-hour trading volume of $6.34 billion.
Source: TradingView
The one-day Litecoin [LTC] chart registered an uptrend from $32.86 to $66.76 and another uptrend from $66.76 to $73.80. A downtrend from $55.96 to $33.80 was also observed. Litecoin managed to break past its immediate resistance point at $90 and continued to trade higher as the market exhibited a major upswing.
The coin found support at $45.04 and $32.62.
Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for the crypto-asset.
MACD: The MACD line was also above the signal line, indicating the coin following a bullish course.
Klinger Oscillator: The reading line was also above the signal line, pointing towards a bullish price pattern for Litecoin.
Conclusion
Bitcoin continued to exhibit high volatility and broke past two major resistance level within 48-hours and is anticipated to touch $8,000. The king coin’s bullish rally prompted LTC to retrace its steps back to its previous glory.
The post Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC surpasses $7,000, LTC follows suit appeared first on AMBCrypto.
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