LSKUSD finds buyers again around 2.74
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, LSKUSD ended Saturday at 2.75 losing $0.01 (-0.36%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (LSKUSD as at Nov 10, 2018):
Saturday's trading range has been $0.03 (1.08%), that's far below the last trading month's daily average range of $0.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, three candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Bearish Short Candle showed up on Thursday, LSKUSD lost -1.08% on the following trading day.
Prices are trading close to the key technical resistance level at 2.79 (R1). After having been unable to move lower than 2.73 in the previous session, LSK/USD found buyers again around the same price level today at 2.74.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 2.73 where further sell stops might get triggered. With prices trading close to this year's low at 2.55, downside momentum could accelerate should the cryptocurrency break out to new lows for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for LSK/USD. Out of 34 times, LSKUSD closed lower 64.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after eight trading days, showing a win rate of 67.65% with an average market move of -1.14%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more