LSKUSD closes within prior day's range
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LSKUSD ended Saturday at 1.54 losing $0.01 (-0.65%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LSKUSD as at Mar 16, 2019):
Saturday's trading range has been $0.10 (6.33%), that's slightly above the last trading month's daily average range of $0.07. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LSKUSD.
Prices are trading close to the key technical support level at 1.45 (S1). Unable to break through the key technical resistance level at 1.58 (R1), the market closed below it after spiking up to 1.59 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Tuesday, LSKUSD lost -1.43% on the following trading day. After having been unable to move lower than 1.50 in the prior session, the cryptocurrency found buyers again around the same price level today at 1.49.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 1.31.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for LSK/USD. Out of 23 times, LSKUSD closed higher 73.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.52% with an average market move of 33.78%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more