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Bitcoin [BTC/USD] and Litecoin [LTC/USD] Price Analysis: Bulls provide reprieve during market’s sideways movement

Price fluctuations in the cryptocurrency market have continued, with Bitcoin [BTC] leading the race in terms of being the biggest gainer. The world’s largest cryptocurrency breached the $6000 mark, while the rest of the market struggled to sustain a bull rally. On the contrary, Litecoin [LTC] did not record any significant movement on the charts.

Bitcoin 1 day

Source: TradingView

Bitcoin’s one day chart showed an uptrend that lifted the price from $4243 to $6080, while the support was holding at $3269.30.

The Bollinger bands were diverging from each other after the start of a bullish price outbreak.

The Awesome Oscillator saw a rise in amplitude which indicated an increase in BTC market momentum.

The Chaikin Money Flow indicator was above the zero line, a sign of the capital coming into the market being more than the capital leaving the market.

Litecoin 1 day

Source: TradingView

The one day chart for Litecoin displayed an uptrend that resulted in an increase from $32.12 to $66.55. The long term support for Litecoin was holding at $22.38.

The Parabolic SAR’s dotted markers were below the price candles, indicating that the cryptocurrency was going through a bullish phase.

The Relative Strength Index was in the middle of the graph, signifying the equilibrium between the selling and the buying pressure.

The MACD indicator underwent a bearish crossover as the signal line and the MACD line fell to the bottom of the graph. The MACD histogram was a mix of bearish and bullish signals.

Conclusion

The aforementioned indicators all indicated that the cryptocurrency market’s sideways movement was punctuated by bullish runs, resulting in minor price hike. This was also evidenced by the pick up in market momentum.


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