Bitcoin initiated the bull run in the cryptocurrency markets on 2nd April 2019. However, Litecoin [LTC] and Bitcoin Cash [BCH] have taken center stage only on the second day of the bull run.
Bitcoin Cash Gains 92% in 2-Days
On the 4-Hour Chart, Bitcoin Cash [BCH] has registered nine green candles out of ten successive four-hour trading sessions. The price of Bitcoin Cash [BCH] at 18: 00 Hours UTC on 3rd March 2019 is $326.28. It is trading 55.5% higher on a daily scale.
Bitcoin Cash [BCH] completed a 92% rise in two days. The price of Bitcoin Cash [BCH] on April 1, 2019, was trading around $167.
The RSI index on the 1D chart was 91 suggesting a correction in the short term. However, a weekly chart the RSI was 55, neither in the over-bought not in the over-sold region. The price also moved above the 200-Day Moving average on the daily scale suggesting that bullish momentum might continue.
Litecoin Completes 50% Rise
On the 4-Hour Chart, Litecoin has registered nine green candles out of ten successive four-hour trading sessions. The price of Litecoin [LTC] at 18: 00 Hours UTC on 3rd March 2019 is $93.01. It is trading 31.1% higher on a daily scale.
Litecoin [LTC] completes 50% rise in two days. The price of Litecoin [LTC] on April 1, 2019, was trading around $60. Litecoin nears $100 valuation for the first time in 2019.
The RSI on the daily scale was 87, which entered the over-bought region. Moreover, the RSI on the weekly level – 76 has also entered the over-bought territory. However, a move the 200-Day Moving average might pursue the bull run further.
As cryptocurrency and Blockchain continues to gain mainstream attention, BCH and LTC have evolved as the most reliable and feasible cryptocurrencies as a mode of payment. The transaction cost of sending LTC and BCH transactions are negligible, and both of them can support large volumes of transactions.
Do you think Litecoin [LTC] and Bitcoin Cash [BCH] will continue the momentum of the sudden bull run or corrections are in order? Please share your analysis with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com