Bitcoin [BTC] has been facing a stagnant market after a brief price pullback, following BTC breaching $8,000. The 24-hour trading volume of BTC was $22 billion, as the coin traded around the $7,900-range. Litecoin [LTC] followed suit as the 24-hour volume was $3.4 billion, while the coin traded at $92.20. LTC held a market cap of $5.62 billion, at press time.
1-Day BTC chart
The one-day chart for BTC showed four uptrends: $3181.64 to $3,354.97, $3,352.79 to $3,693.03, $3,695.46 to $3,894.71 and $4,099.98 to $5,110.15. The downtrend was from $8,415.20 to $5,791.55, at press time. The support stood at $4,253.08.
The Parabolic SAR had the dotted markers above the candlesticks, depicting a bearish market
The MACD line underwent a bullish crossover
The Relative Strength Index was seen above the 50-point mark and indicated high buying pressure in the market
1-Day LTC chart
The uptrends were between: $22.13 and $30.58, $32.45 and $45.28, $45.10 and $60.34, and between $60.34 and $66.22. The downtrend was from $89.90 to $61.74. The support was at $67.68.
The Bollinger Bands showed expanding volatility in the LTC market
The Chaikin Money Flow showed a relatively equal money inflow and outflow
The Awesome Oscillator depicted a bullish buying opportunity in the market, at press time. However, a few red bars in the histogram suggested some bearish activity
Both Bitcoin and Litecoin remained largely bullish. However, some bearish trading cycles were expected to be seen