ambcrypto.com
Price fluctuations in the cryptocurrency industry have been ongoing for some time now, with some cryptocurrencies enjoy a slight bullish run while others still in the bear’s claws. Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant rise in value over the previous week, almost touching the $6000 mark. On the contrary, Charlie Lee’s Litecoin [LTC] could not boast of Bitcoin’s gains as the cryptocurrency was trapped in sideways movement pattern.
Bitcoin 1 day
Source: TradingView
The one-day chart for Bitcoin showed an uptrend that lifted its price from $4159.09 to $5119.17. The long term support was at $3162.09.
The Bollinger bands had diverged from each other, signaling the start of a bullish price outbreak.
The Chaikin Money Flow indicator was above the zero line which meant that the capital coming into the market was more than the capital leaving the market.
The Awesome Oscillator displayed a slight fall in its amplitude due to a fall in Bitcoin’s market momentum.
Litecoin 1 day
Source: TradingView
Litecoin’s one day chart showed a similar pattern to that of Bitcoin, with the uptrend having lifted its price from $33.22 to $64.38. The long term support was holding at $22.56.
The Parabolic SAR was below the price candles, meaning that the cryptocurrency was going through a bullish atmosphere.
The Relative Strength Index was in the middle of the graph, a sign of the equilibrium between the selling and buying pressures.
The MACD indicator, after a bearish crossover, saw the signal line and the MACD line fall to the bottom of the graph. The MACD histogram was a mix of bearish and bullish signals.
Conclusion
The aforementioned indicators stated that the cryptocurrency market was going through an imminent bullish turn, that may however, be short-lived. This was evidenced by the lack of market momentum.