LSKUSD unable to break through key resistance level
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LSKUSD ended Saturday at 1.32 surging $0.04 (3.12%). Today's close at 1.32 marks the highest recorded closing price since June 8th. 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 Aug 01, 2020):
Saturday's trading range has been $0.07 (5.47%), that's slightly above the last trading month's daily average range of $0.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LSKUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 18th, LSKUSD lost 0.00% on the following trading day.
Buyers managed to take out the key technical resistance level at 1.30 (now S1), which is likely to act as support going forward. Unable to break through the key technical resistance level at 1.34 (R1), the market 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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to June's high at 1.42 we could see further upside momentum if potential buy stops at the level get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for LSK/USD. Out of 199 times, LSKUSD closed lower 53.77% 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 three trading days, showing a win rate of 57.29% with an average market move of 0.13%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more