While Bitcoin briefly spiked to climb to $11,179 on the charts, it had fallen to trade at $10,944, at press time. A rising Bitcoin, accompanied by rising Bitcoin dominance, showed that altcoins were overextended in the month of August and are now either retracing gains made or consolidating for a next move upwards. Litecoin was in a phase of consolidation, while BAT looked likely to slide down south. Further, STEEM formed a bullish pattern but strongly invalidated the pattern as it dipped, with further losses likely for the crypto-asset.
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Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin showed a significant lack of movement on the 4-hour chart. The crypto-asset also lacked significant trading volume, a sign of a period of consolidation beckoning the cryptocurrency. The same was highlighted by the fact that the Bollinger Bands were converging around LTC’s price.
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In fact, LTC appeared to be inching upwards, forming a series higher lows since the brief market collapse in early-September.
And yet, on analysis of a longer timeframe, it was found that Litecoin formed a bearish pattern and could be headed lower. A drop beneath $47 could trigger a significant fall.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Basic Attention Token broke beneath its support level $0.24. While the trading session had not closed at the time of writing, it is likely that BAT will head south on the charts.
Further, the OBV formed a series of lower highs and noted a lot of selling pressure on the crypto-asset. In fact, the selling pressure at a support level generally bodes ill for a crypto-asset’s price.
The next level of support for BAT may be found at $0.2.
Steem [STEEM]
Source: STEEM/USD on TradingView
STEEM had formed an ascending triangle pattern, but the pattern was soon invalidated. The move down represented a busted pattern as the price was more than 10% beneath the upper trendline.
In fact, the RSI showed a value of 41, having not breached the 50-mark in over a week. This highlighted the bearish momentum in STEEM’s market, with the same suggesting that the downtrend is likely to continue.
STEEM was ranked 129th on CoinMarketCap, with a market capitalization of $65.7 million.