ZB Market Daily: BTC & LTC technical daily analysis
By: Zb Market Research
Tags: Blockchain, Bitcoin, Crypto, Cryptocurrency, Analysis

BTC

BTC Price rallied by 6.32% on yesterday. Following on from 11.43% gain on Wednesday, BTC Price closed the trading session at $23095.25.

Yesterday, it was bullish start of the trading session to the upside of BTC price. BTC Price continued the bullish momentum and huge volume of on the 16th of December to print a high of $22213.73 in the early hours of the Asian trading session.

BTC Price closed the first 4 hour candle with a fuel wick to the top. Based on wick fill strategy, more long position were loaded on the BTC/USDT trading pair.

At 08:00 UTC, the range wick was filled and closed with a high of $22457.84.

BTC Price was pulled back to a low of $21820.43 at 16:00 UTC. The bulls didn’t give on the retracement but pulled BTC Price up to an intraday all time high of $23759.78.

The bears wrestled with the bulls at this Price level and forced BTC Price to close at $22742.64 during the New York session.

Steering at the all-time high after a major rejection, BTC Price rallied again to $23664.84.

As traders liquidated their long position, BTC Price closed bearish and formed a minor support at $22729.08.

BTC 4-hour chart

Technically, a bull flag scenario is printed as of the time of writing. For the rally to continue, BTC Price will need more volume at the most recent support to ride on the north direction.

The first major resistance at $23519.48 will be a hurdle to breakthrough in the next coming days.

If the bulls succeed in breaking this resistance, the rally will continue to 25k as the momentum rises.

A bullish divergence of the Bollinger bands shows that there is still lot of room to the upside. The 20- period simple moving average acted as a dynamic support with respect to the horizontal support at $22594.07.

RSI is 82.81 mark in the over-bought territory, although it is moving sideways in this territory as a probable signal of continuation of the rally.

LTC

LTC Price rallied by 9.83% yesterday. Following on from 16.23% gain on Wednesday, LTC Price closed the trading session at $100.909.

Yesterday, it was bearish start of the trading session. This caused LTC Price to fall to an early morning low of $90.429. Although this fall was a retest of the broken resistance of $90.429 which was printed on the 1st and 4th of December.

LTC Price gained a support at this Price level after it formed a tweezers bottom market structure. This became a platform for the bulls to leverage on to extend previous day rally.

LTC Price continued the bullish momentum and huge volume of on the 16th of December to a print a high of $ 103.123 in the early hours of the Asian trading session.

LTC Price closed the first 4 hour candle with a fuel wick to the top. Based on wick fill strategy, more long position were loaded by traders on the LTC/USDT trading Pair.

At 08:00 UTC, the range wick was filled and closed with a high of $106.075.

LTC Price hedged higher to an intraday high of $109.912 but got pulled back to a low of $97.957 at 16:00 UTC. The bulls didn’t give on the retracement .The bears wrestled with the bulls at this Price level and forced LTC Price to close the trading session at $100.909.

As traders liquidated their long position, LTC Price closed weak bearish and formed a minor support at $98.990.

LTC 4-hour chart

Technically, a swing high with rejection scenario but with weak bearish closure of the intraday is printed as of the time of writing.

For the rally to continue, the bulls will need to take advantage of the weak bearish pattern to create an anticipate support at $99.391.

LTC Price will need more volume at the most recent support to ride to the north direction.

The first major resistance at $106.539 will be a hurdle to breakthrough in the next coming days.

If the bulls succeed in breaking this resistance, the rally will continue to $ 124.805 as the momentum rises.

A bullish divergence of the Bollinger bands shows that there is still lot of room to the upside. The 20- period simple moving average acted as a dynamic support with respect to the horizontal support at $99.908.

RSI is 71.89 mark in the over-bought territory, although it is moving sideways in this territory as a probable signal of continuation of the rally.

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