LTCBTC closes within previous day's range
Litecoin/Bitcoin Index (LTCBTC) Technical Analysis Report for Sep 15, 2018 | by Techniquant Editorial Team
LTCBTC ended Saturday at 0.00869 edging lower BTC0.00007 (-0.8%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LTCBTC as at Sep 15, 2018):
Saturday's trading range was BTC0.00036 (4.15%), that's slightly below last trading month's daily average range of BTC0.00040. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 0.00852. Unable to break through the key technical resistance level at 0.00889, Litecoin closed below it after spiking as high as 0.00895 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 0.00900 in the prior session, LTC ran into sellers again around the same price level today, failing to move higher than 0.00895. After spiking up to 0.00895 during the day, the market found resistance at the 20-day moving average at 0.00875.
Although LTC/BTC is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The cryptocurrency broke below the 20-day moving average at 0.00875 today for the first time since September 7th.
Buying might speed up should prices move above the nearby swing high at 0.00900 where further buy stops could get activated.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 6.08% and ETCUSD closing 3.28% higher. On the flipside the worst performer has been LTCUSD closing -0.21% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been ETHCNY surging 11.52% and KCSBTC closing 6.75% higher. The worst performers of the day have been ETHGBP tanking -8.43% and NANOBTC closing -5.24% lower. Read more