Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins consolidate as bulls remain in control

Last week’s massive price hike propelled Bitcoin’s [BTC] valuation over $5000. Bitcoin’s silver counterpart, Litecoin [LTC], also experienced a fruitful week after the coin pumped to $93.04 from $62.13, within a few days.

At press time, Bitcoin [BTC] was priced at $5,238.79 and exhibited a minor growth of 0.32% against the US Dollar. The trade volume garnered was about 15 billion over the last 24 hours.

Litecoin [LTC] performed better, with a growth of 1.97% against the US Dollar. It recorded a market capitalization of about $2.6 billion, and was priced at $88.36, at press time.

Bitcoin 1-day chart

The 1-day chart for Bitcoin was exhibiting sideways movement until the price hike. The uptrend for the coin extended its valuation from $3932.80 to $5232.10. The support line was at $3438.4, while the new resistance line was placed at $5308.10 after the bull run.

The Parabolic SAR indicated a bullish trend for the coin as the dotted markers were seen under the candlesticks.

The Fisher Transform and the red line were coming into contact on the chart, suggesting the possibility of an emerging bearish trend.

The Awesome Oscillator’s latter bars were green, indicating a bullish phase for the coin.

Litecoin 1 day chart

Source: Trading View

Litecoin’s [LTC] 1-day chart witnessed sustained growth over the period as the coin witnessed an uptrend which stretched the valuation from $58.81 to $92.35. The new resistance line following the price hike was at $93.61, while the long term resistance at $100 held firm. The support line was at $30.980.

The Bollinger Bands indicated a volatile price period for the coin as the bands were diverging on the chart.

The MACD line remained above the red line, indicating a continued bullish trend for the coin.

The Relative Strength Index indicated that the selling pressure was gradually eclipsing the buying pressure in the market.

Conclusion

Coin prices consolidated after the recent hike broke old resistances. The coins continued to exhibit minor growth, but nothing significant indicated another bullish run.

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