LTCBTC closes below its opening price unable to hold early session gains
Litecoin/Bitcoin Index (LTCBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
LTCBTC finished Saturday at 0.00853 losing BTC0.00002 (-0.23%) on low volume. Trading BTC0.00013 higher after the open, LTC/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 2nd, LTCBTC lost -3.18% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (LTCBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.00018 (2.11%), that's below the last trading month's daily average range of BTC0.00035. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LTCBTC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Its common bearish interpretation has been confirmed for LTC/BTC. Out of 207 times, LTCBTC closed lower 55.56% 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 nine trading days, showing a win rate of 63.29% with an average market move of -0.74%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more