Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls command market despite minor dip in prices

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The collective market cap of the coin market fell below $180 billion on 9 April. After posting gains throughout the week, Bitcoin [BTC] and its silver counterpart, Litecoin [LTC], declined by 1.04% and 5.53%, respectively, against the US dollar over the past 24 hours.

The largest crypto-asset on CoinMarketCap, BTC, held a market cap of $92.35 billion and was priced at $5,224. The digital gold registered a 24-hour trading volume of $15.90 billion. However, the coin recorded a 17.27% surge over the past seven days.

Litecoin [LTC], the fourth largest cryptocurrency, registered a market cap of $5.31 billion and a 24-hour trading volume of $3.20 billion. The crypto-asset was valued at $86.62. Besides, the digital asset recorded a significant surge of 35.25% over the week.

1-day BTC chart

Source: TradingView

The candlestick arrangement on BTC’s one-day chart exhibited a major downtrend from $6,459 to $4,186. A small uptrend from $4,198 to $5,089 was also observed. The supports for the crypto-asset were found at $3,902 and $3,602, while the immediate resistances were at $5,663 and $6,562.

Bollinger Bands: The mouth of the bands was open. The divergence of the bands depicted increasing volatility for the coin’s price.

Awesome Oscillator: The closing bar of the indicator was green, suggesting an emerging bullish pattern.

Chaikin Money Flow: The CMF was well above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish trend for BTC was pictured.

1-day LTC chart

Source: TradingView

The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.31 to $89.43 was registered, fueled by the latest market spike. A minor downtrend from $56.52 to $34.60 was also noted. The coin successfully breached the previously marked resistance, but failed to sustain the $90-mark. The coin’s price was anticipated to surpass $100 after another potential price break. The support points for LTC stood firm at $41.93 and $28.66.

Parabolic SAR: The dotted markers were below the candlesticks, predicting a bullish phase for the silver crypto.

Klinger Oscillator: The reading line was above the signal line, also depicting a bullish pattern for LTC.

MACD: The MACD line was above the signal line. This projected a bullish phase for the coin.

Conclusion

Despite market correction pulling the prices down, all indicators pictured a strong bullish trend for BTC and LTC.