Bitcoin fell after breaching its ATH and this volatility drove many altcoins down the charts. Litecoin had a short and medium term bullish outlook, but appeared to form a bearish reversal pattern over the daily time frame. Cosmos appeared to be headed for $ 5 support once again and Zcash has also been looking for a support level in the face of recent selling pressures.
Over the day’s time span, Litecoin recorded impressive gains. The RSI showed bullish momentum and a clear bullish trend was at play.
However, a growing wedge was forming. This could take many more days to run out or be invalidated, however, it is a pattern that could signal a bearish reversal for LTC from a long-term perspective.
The $ 90 level was the closest resistance level, and beyond it, the wedge’s upper trend line coincides with the $ 100 resistance level.
Using the Fibonacci retracement tool for ATOM’s transition from a swing low at $ 4.21 to a swing high at $ 6.48, some important retracement levels are highlighted.
ATOM in its last trading session opened below the 50% level at $ 5.35 and attempted to break out of it. However, the MACD showed bearish momentum.
A bearish crossover below the zero line has shown a strong sell signal and ATOM could drop to $ 5 in the next few days.
ZEC formed a symmetrical triangle and the upcoming support for ZEC was at $ 71 and resistance near $ 78 from the pattern’s descending trend line.
Trading volume was down, but for a session that saw bulls fight bravely to push the ZEC higher after a wick down near $ 71. However, the selling pressure forced the price to lower in subsequent sessions .
The stochastic RSI was in the oversold region and it was possible that the ZEC could rise as high as $ 78. However, the past few hours have seen the price close below the 50 SMA (yellow), so a move to $ 71 may be more probable for ZEC.
Being a continuation pattern, the triangle pointed to a breakout to the upside from the $ 71 level for the ZEC in the next week.