In today’s technical analysis, we look at Litecoin and Bitcoin Cash fighting against coronavirus. The graphs show a huge decline, which is related to the decline in world markets.
Assessment of the world market situation and impact on the crypto world
World stock markets continue to fall. It is still due to concerns about the coronavirus pandemic, which is affecting both Bitcoin and Bitcoin Cash.
Litecoin – Technical Analysis
LTC / USD In 2020 to the present value: -15.33%
The whole growth for 2020, which we could see in January and February, is gone forever. Investors are no longer looking for growth, but rather for a slump 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. Technical analysis looks bad for Litecoin because of coronavirus At the moment we are seeing a slight calming of the market because even world markets have calmed down and stabilized.
Bitcoin and coronavirus
Bitcoin is now consolidating over $5,200 as coronavirus is spreading World markets are growing 3-4%. Litecoin has also seen similar growth today – by 3.5%. We have the closest resistance at $39 and one level higher we see $50. Given the current state of the world markets, but I do not think that such growth to 50 USD should come. Rather, we will look below at the new low values for 2020. The closest support is at $23.6.
The current value of BCH
BCH / USD in 2020 to the current value: -10.45%
Similarly to Bitcoin, during the coronavirus crisis, the current value of the BCH is $183. 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 sinks.
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, and 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. If coronavirus will be still dominating, Bitcoin will not raise.