Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Market correction ensures coins struggle to post significant gains

After the recent price surge, Bitcoin [BTC] and Litecoin [LTC] fell after the coins sustained market corrections. At press time, Bitcoin was priced at $5625.47 and the market capitalization recorded was $101 billion. The price fell by 1.29 percent against the US Dollar. However, BTC posted a growth of 8.09 percent against the Dollar over seven days.

Litecoin [LTC] fell by 5.38 percent against the US Dollar. The 24-hour trade volume garnered was around $2.5 billion and the coin was priced at $76.43.

Bitcoin 1-day chart

Source: Trading View

The one-day chart for Bitcoin saw the valuation bounce between $3,500 and $4,500, until the recent surge propelled the valuation from $3,823.9 to $5,279.4. The resistance line was placed at $5,782.25 and the long-term support line remained at $3,337.51.

The Bollinger Bands indicated a volatile period for the coin as the bands were far apart from each other.

The Fisher Transform line remained above the red line on the chart, suggesting a bullish trend for the coin.

The Relative Strength Index or RSI line was under the 70-marker, indicating an equivalence in selling and buying pressures. However, the token was closer to the overbought zone.

Litecoin 1-day chart

Source: Trading View

It can be observed from Litecoin’s one-day chart that the recent price surge had a dominant impact on its valuation, propelling the coin’s valuation from $62.94 to $92.74. A price correction took place following the hike, pulling the price down from $92.04 to $82.49

The Parabolic SAR indicated a bullish trend for the coin as the dotted markers remained under the candlesticks.

The Awesome Oscillator indicated weakened bearish momentum as minor red bars appeared on the chart.

The MACD line and the red line were in a bullish crossover, at press time.

Conclusion

After the surge, price correction was inevitable for the coins as both Bitcoin and Litecoin continued to undergo market correction.

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