Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins fall into bearish territory

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins fall into bearish territory

May 24, 2019

The US Securities and Exchanges Commission [SEC] yet again postponed the approval of a Bitcoin [BTC] ETF and pushed the final decision to October. With approval uncertain and people anxious, BTC seemed to have taken a hit. Bitcoin [BTC] was priced at $7,859, with a market cap of $139 billion. The 24-hour trade volume came up to $23 billion, out of which, BitMEX contributed 11.55% via the XBT/USD pair. BTC recorded a gain of 3.77% over the past 24 hours, at press time.

Litecoin, ranked fifth on CoinMarketCap, was priced at $89.26, with a market cap of $5.5 billion. The 24-hour trade volume came up to $3.1 billion, out of which Coineal contributed 9.88% via the LTC/BTC pair. LTC recorded a gain of 8.14% over the last 24 hours, at press time.

1 day – BTC

Source: TradingView

The one-day chart for BTC showed an uptrend from $5,560 to $8,203.32. The support points stood at $3,157.69 and $5,027.01. The resistance point was seen at $8,197.28.

The Parabolic SAR showed a bearish trend as the dotted markers were over the candlesticks.

The MACD indicator showed a bearish crossover as the MACD line reached a peak and then, fell below the signal line.

The Awesome Oscillator showcased a decrease in momentum, indicating a bearish trend in the offing.

1 day – LTC

Source: TradingView

The one-day chart for LTC showed an uptrend from $55.82 to $102.04. The support point stood at $22.64. The resistance points were seen at $95.27 and $102.04.

The MACD indicator showed a bearish crossover as the MACD line was below the signal line.

The Chaikin Money Flow was on zero, indicating an equilibrium between money inflow and outflow.

The Klinger Oscillator showed a bearish trend as the KO fell below the zero-mark.

Conclusion

The one-day charts for BTC and LTC showed bearish trends.

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