Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls retain control despite bearish signs

2019-5-20 12:30

The cryptocurrency market, on May 20, cooled down following strong rallies spurred by the king coin and the collective market cap stood at $247.5 billion. While Bitcoin [BTC] was struggling to surpass the $8,000 mark again, Litecoin [LTC] was over the $90-mark, despite slipping to the sixth position.

1-day BTC chart

The largest cryptocurrency by market cap, Bitcoin [BTC] was priced at $7,978 and recorded a minor rise of 0.55% over the past 24 hours. The digital coin held a market cap of $141.3 billion and registered a 24-hour trading volume of $24.04 billion.

Source: TradingView

The one-day BTC chart registered two significant uptrends from $4,134 to $5,151, and another from $5,752 to $7,259, following the market pump. No significant downtrend was observed on the chart. Bitcoin found its support at $5,401.

Bollinger Bands: The diverging mouth of the bands indicated high volatility for the crypto-asset’s price.

Awesome Oscillator: The closing bars of the indicator were red, suggesting bearish momentum for Bitcoin.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for the Bitcoin was projected.

1-day LTC chart

The sixth largest crypto-asset on CoinMarketCap, Litecoin [LTC] held a market cap of $5.67 billion. LTC exhibited a decline of 1.37% over the past 24 hours and held a valuation of $91.75, at press time. Additionally, the coin recorded a trading volume of $3.98 billion over the past 24 hours.

Source: TradingView

The one-day chart of Litecoin [LTC] recorded an uptrend from $32.86 to $66.76 and a downtrend from $91.95 to $77.75. Even as the coin was outperformed by EOS, the coin remained above the $90-mark. The immediate support for the coin stood at $45.81.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish trend for the coin.

MACD: The MACD line was above the signal line, indicating that the coin was following a bullish course.

Klinger Oscillator: The reading line was below the signal line, projecting a bearish price pattern for the coin.

Conclusion

While some bearish activity was pictured in the markets of both Bitcoin and Litecoin, bulls seemed to have regained the upper hand.

The post Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls retain control despite bearish signs appeared first on AMBCrypto.

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