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