Price Analysis

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:

Bitcoin price
BTC Chart By TradingView

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%.

Litecoin Price
LTC Chart By TradingView

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 as it has no steady support from short-term moving averages.

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.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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