LTCBTC closes higher for the 3rd day in a row
Litecoin/Bitcoin Index (LTCBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCBTC finished Saturday at 0.01528 gaining BTC0.00042 (2.83%). Today's close at 0.01528 marks the highest recorded closing price since June 11, 2018. Closing above Friday's high at 0.01502, the market confirmed its breakout through the previous session high after trading up to BTC0.00063 above it intraday.
Daily Candlestick Chart (LTCBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.00076 (5.1%), that's slightly above the last trading month's daily average range of BTC0.00068. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCBTC.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for LTC/BTC. Out of 22 times, LTCBTC closed lower 72.73% 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 10 trading days, showing a win rate of 63.64% with an average market move of -5.70%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more