LSKUSD fails to close above 100-day moving average
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LSKUSD finished Saturday at 1.29 surging $0.11 (9.32%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on November 6th, LSKUSD actually lost -6.09% on the following trading day. Today's close at 1.29 marks the highest recorded closing price since September 20th. Closing above Friday's high at 1.27, the cryptocurrency confirmed its breakout through the prior session high after trading up to $0.09 above it intraday.
Daily Candlestick Chart (LSKUSD as at Nov 21, 2020):
Saturday's trading range has been $0.18 (15.25%), that's far above the last trading month's daily average range of $0.08. Weekly volatility is also higher, being above 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.
LSK/USD managed to close above the 200-day moving average at 1.27 for the first time since September 20th. After spiking up to 1.36 during the day, the market found resistance at the 100-day moving average at 1.30.
Crossing above the upper Bollinger Band for the first time since August 16th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 1.11 or signal the beginning of a strong momentum breakout leading to even higher prices.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for LSK/USD. Out of 37 times, LSKUSD closed higher 54.05% 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 67.57% with an average market move of 21.35%.