In today’s analysis we look at Litecoin and Bitcoin Cash. The graphs show a huge decline, which is related to the decline in world markets.
[LTC / USD] In 2020 to current value: -15.33%
The whole growth for 2020, which we could see in January and February, is gone forever. Investors are no longer looking on growth, but rather on a drop and looking for the cheapest purchase. We are currently at $ 35. Just a few days ago, however, we saw the value of 23.6 USD. At the moment we see a slight calming of the market, because even the world markets have calmed down and stabilized.
Bitcoin is now consolidating over $ 5,300 and world markets are growing 3-4%. Litecoin has also seen a similar increase today – by 3.5%. We have the closest resistance at $ 39 and one level higher we see $ 50. However, given the current state of the world markets, I do not think such a growth of $ 50 should come. Rather, we will look below at the new low values for 2020. The closest support is at 23.6 USD.
[BCH / USD] In 2020 to current value: -10.45%
The current value of the BCH is $ 183 and it is true that we have moved slightly upwards from $ 130. In the current state, as in Litecoin, we do not see much room for growth, which is usually after such drop.
The coronavirus fundament, which causes economic damage worldwide, brings uncertainty and nervousness among investors. That is why stocks are sold, therefore the indexes fall. We are increasingly hearing voices talking about the world recession. For this reason, we do not expect big growth on BCH, rather we will have to create new low values. We currently see support at $ 130 and the closest resistance at $ 190 and then up to $ 213.