Price Analysis

Bitcoin Slips Below $9000 Today After Yesterday’s Bull-run, Litecoin Follows Suit

  • Bitcoin has recently started to rebound after tracing bearish trendline today
  • BTC has formed a support level below $6500; climbed above $8700; $9000 still seems far
  • Litecoin has also been bearish since today morning; rebound took the coin above $61
  • The technical picture of both the top coins appear moderately bullish; SMAs give bearish signals

Apparently, the crypto market has taken a break from yesterday’s price rally, as major coins have noted a loss today. Bitcoin, which had been trading above $9000 till today took a steady drop recently breaking major support levels. Since then, the coin has been holding above the support level of $8635 till now.

Bitcoin vs. Litecoin Price Analysis

Bitcoin
Bitcoin Price Chart by TradingView

Bitcoin opened today at $9034.61 and remained in the range till 04:20 UTC. After that, BTC dropped with a decline of 3.97%, tracing a bearish trendline. The coin found a support level at $9630 and is currently rebounding from there. At 11:48:58 UTC, Bitcoin is trading at $8724.72.

Bitcoin’s SMA lines are also indicating a bearish phase, while RSI is stable. However, the MACD chart is a bit bullish as its MACD line is above the Signal line. BTC may see resistance at $9,286.18, $9,468.52 if it clears barriers at $9,170.85, while its support levels stand at $8,873.18, $8,690.84 and $8,575.51.

Litecoin
Litecoin Price Chart by TradingView

Litecoin has carved the same price path as it has tested support near $60 just a while ago, after which it has traced a bullish trendline. The coin opened today at $63.72 and mildly surged above $64. From here, LTC gradually and steadily tumbled as low as $60 tracing a bearish trendline. Here, the coin seems to have a decent support level. At present, the coin is trading at $61.65 at 12:01:12 UTC.

Litecoin’s short term SMA line is below its long term SMA line, noting a bearish price move. Resonating with the SMA lines, MACD is heading for a bearish crossover. However, RSI of the coin is above 50, noting a stable momentum. LTC may face resistance at $65.02, $66.21 and $67.81, and support levels at $62.23, $60.63 and $59.44.

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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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