Bitcoin Dominance was at 64.5, a rising trend in recent weeks. The altcoin markets continued to show weakness, as many crypto-assets showed bullish developments technically but the moves upward were short-term in nature and ultimately unable to shrug off bearish pressure. Litecoin was likely to trade at $50 in the coming days, while Cosmos showed a bullish divergence and could see a bounce of nearly 7%. Basic Attention Token could see a minor move upward in the coming hours before another leg down.
Litecoin formed a rectangle top pattern (yellow) and closed a trading session beneath the pattern. This projected a target of $49 for LTC in the coming days.
The region at $50 is a strong region of demand and could serve as support for LTC. A close beneath the $50 level of support could take the price as low as $46 shortly thereafter. Similarly, if bulls pushed the price above $53 and managed to stave off bears, a move toward $56 could be initiated.
The MACD also showed bearish momentum for LTC as it formed a bearish crossover beneath the zero line, indicating the higher likelihood for LTC to move downwards in the short-term.
Using the Fibonacci Retracement tool, some important levels of retracement for ATOM’s move from $3.78 to $6.26 was charted (white).
ATOM showed a bullish divergence (cyan) and it was possible that ATOM would rise as high as $4.74, the immediate level of interest to the upside. A more conservative target for ATOM’s possible hike would be $4.58.
However, the longer-term trend has been downward for the coin and a trading session close beneath $4.3 would signal that ATOM could be poised to drop as low as $4 and $3.8.
Basic Attention Token [BAT]
Basic Attention Token lost a level of support at $0.2 and was trading at $0.185 at press time.
The Stochastic RSI showed that the crypt-asset was about to move into the oversold region. This suggested a minor pullback to the upside for BAT, which could provide short-sellers a better entry to a trade.
The OBV showed that buying volume was trending ever lower and there was no let-up in the bearish pressure.