LSKUSD snaps to lowest close since May 31, 2017
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, LSKUSD finished Saturday at 1.20 edging lower $0.01 (-0.83%) on low volume. Today's close at 1.20 marks the lowest recorded closing price since May 31, 2017. Trading $0.11 higher after the open, LSK was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LSKUSD as at Dec 08, 2018):
Saturday's trading range has been $0.16 (12.9%), that's slightly above the last trading month's daily average range of $0.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKUSD.
After spiking up to 1.35 during the day, Lisk has been sold off at those price levels and formed a bearish Pin Bar closing $0.15 below today's high.
Unable to break through the key technical resistance level at 1.33 (R1), the cryptocurrency closed below it after spiking up to 1.35 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on Wednesday, LSKUSD lost -7.58% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 1.15 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Pin Bar" stand out. Its common bearish interpretation has been confirmed for LSK/USD. Out of 5 times, LSKUSD closed lower 60.00% 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 10 trading days, showing a win rate of 60.00% with an average market move of -1.64%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more