Bitcoin Crashes Harshly, While Litecoin Gains Support
- Market Crash leads BTC and LTC to crash down hitting the major levels to trade around $8,800 and $60
- Bitcoin price trend had a steeper fall in comparison to Litecoin price trend
- Bearish pressure remains intact in both the coins and overpowers the current trading situation
Bitcoin price trades under solid bear pressure from trading around $9,200–$9,500 to currently bottoming around $8,800 after having tested the support near $8,800. However, the fall in Bitcoin trading price has been steep and more defined rather than that in Litecoin.
Litecoin price after bottoming at $58 even made an effort to grow and is currently trading at $60.84, although holding a bearish run.
Bitcoin vs. Litecoin Price Analysis:
Analyzing the 5-day movement of the coin in the above hourly chart by Coinbase, we see that the coin has plunged from a top at $9,600. BTC/USD records an over 7% plunge to currently trading at $8,834.56, maintains Fib Retracement at 78.60%.
To compare the Litecoin price, trend, and momentum with that of Bitcoin, we see that in the past five days, the coin has grown from the bottom around $58.04 to the top at $64.31 just to fall again at $58.68. The coin in its latter fall almost neared to have a double bottom concerning the previous marked trading price. The coin grew by over 10% to top and trade around $64 while fell by over 6% to currently trade at $60.84.
Technical Indicators–Bitcoin:
As per the Risk/Reward indicators used, if an investor plans to have a long position around the current trading price, its target to earn the profit from the investment made is above $9,000 at $9,023.55, if the momentum increases. However, if the coin continues to fall from the current trading price, an investor at this level should plan a stop loss around $8,800. Get more information on this based on Bitcoin price forecast.
The MACD of the coin is currently having a bearish run below zero, while the RSI is at 43.76 just above the oversold region.
Technical Indicators–Litecoin:
As per the Risk/Reward indicators used, if an investor plans to have a long position around the current trading price, its target to earn the profit from the investment made is at $62.2, if the momentum increases. However, if the coin continues to fall from the current trading price, an investor at this level should plan a stop loss around $59. On the contrary, Litecoin has grounded support from the short-term moving averages.
The MACD of the coin is currently having a bearish run below zero, while the RSI is at 40, showing no extremities at present.
However, LTC is still in the ‘buy phase’ while BTC has shouldered heavy selling pressure.
