The cryptocurrency market dropped from a market cap of $185 billion to $171.4 billion at press time, over the past week. Over the same period, it recorded a decline of 7.56%. While the market showed signs of recovery, most digital coins continued to post bearish signals.
The largest crypto-asset on CoinMaketCap, Bitcoin [BTC], held on to the $5,000-mark, even after sustaining blows throughout the week. However, Litecoin [LTC] slipped below $70.
1-day BTC chart
At press time, BTC held a market cap of $93.6 billion and was valued at $5,297. The trading volume recorded over the day was $12.76 billion. Bitcoin was up by 0.38% over the past 24 hours.
The candlestick arrangement on BTC’s one-day chart exhibited a minor uptrend from $3,359 to $3,901 and another uptrend from $4,130 to $5,156. A downtrend from $6,332 to $5,529 was also marked. The resistance points on the chart were found at $5,561 and $6,356, while the coin found its support at $3,703 and $3,389.
Bollinger Bands: The bands indicated a period of stagnancy for the coin.
Awesome Oscillator: The closing bars were red, indicating bearish momentum for BTC.
Chaikin Money Flow: The CMF spiked above the zero-line, indicating an inflow of capital into the market. Hence, a bullish price trend for BTC was forecast.
1-day LTC chart
LTC held a market cap of $4.27 billion and recorded a 24-hour trading volume of $2.35 billion. The silver coin fell by 3.31% and hit a new low of $69.42.
The one-day Litecoin [LTC] chart projected an uptrend from $32.80 to $70.32, along with a downtrend from $32.80 to $70.32. Resistance for the chart was at $90. The support points for the coin stood firm at $46.10 and $30.76.
Parabolic SAR: The dotted markers were above the candlesticks, indicating a bearish price pattern for LTC.
MACD: The MACD line was also below the signal line, exhibiting a bearish trend for the coin’s valuation.
Klinger Oscillator: The reading line was below the signal line and exhibited a bearish pattern for its price.
LTC’s strong bearish projection was likely to push the coin to new lows, while BTC managed to hold on to its valuation above the $5,000-level.
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