LTCBTC closes within previous day's range
Litecoin/BTC Index (LTCBTC) Technical Analysis Report for Sep 15, 2018
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Litecoin/BTC Index
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Close near low of period||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Bearish Break through SMA 20||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Strong Down Move||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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