If the 20 SMA holds for Bitcoin BTC and Litecoin LTC, then this could be the start of the reversal for cryptocurrencies

Crypto market sentiment turned negative last November as the crackdown on crypto continued, although they tried to turn bullish in March as risk sentiment improved, pushing Bitcoin (BTC) above $48,000 and Litecoin (LTC) at $140 sent. But the bullish momentum ended in April and the downtrend has resumed. The crash of Terra LUNA and its stablecoin UST has sent the market into panic mode, although we saw a slight reversal higher for LTC and BTC over the weekend. Selling pressure has picked up again today, but the decline has stalled on MAs for both cryptocurrencies, so let’s see if it holds up.

Litecoin H4 Chart Analysis – The 20 SMA holds for now

The H4 chart is oversold

Litecoin turned bearish in November after failing to break above $300 and since then pressure has been bearish apart from March when we saw the retracement to the upside. The highs are getting lower and this month the decline for this token has accelerated. The $100 support was broken and LTC/USD fell to $55 but after a doji candle on the daily and H4 charts as seen on the chart above suggested a bullish reversal although buyers are not over could go up $73.

Today the price has turned bearish again but the decline has stalled at the 20 SMA (grey) on the H4 chart. Litecoin’s most anticipated upgrade since its inception, the MimbleWimble, will be released in about two weeks we heard today after (MWEB) was approved and blocked for activation by a majority of nodes. This process will be completed at the peak of block 2 million or May 19th. Hopefully this will improve sentiment for LTC.

Bitcoin H4 Chart – The retrace ended at 50 SMA

BTC falls back below $30,000

Looking at the Bitcoin chart above, the $30,000 level was a key technical level. It’s a particularly sensitive zone where a break below sparked serious fears in the crypto market, sending BTC plummeting to $26,000. $

On the H4 chart, the picture was not looking good for Bitcoin earlier. Although, BTC/USD used to turn around around $26,000 and climbed above $30,000 now it is trading above $29,000. The chart is looking a little better, but the price would need to move above $30,000 and stay above it for the trend to reverse.

Bitcoin BTC live chart

BTC/USD

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