LTCBTC closes higher for the 2nd day in a row
Litecoin/Bitcoin Index (LTCBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCBTC finished Saturday at 0.00707 gaining BTC0.00019 (2.76%) on low volume. Today's close at 0.00707 marks the highest recorded closing price since September 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00689, LTC/BTC confirmed its breakout through the prior session high after trading up to BTC0.00019 above it intraday.
Daily Candlestick Chart (LTCBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00022 (3.2%), that's slightly below the last trading month's daily average range of BTC0.00026. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
LTC managed to close above the 100-day moving average at 0.00695 for the first time since June 19th.
Crossing above the upper Bollinger Band for the first time since September 18th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.00652 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on September 17th, LTCBTC gained 5.22% on the following trading day.
While the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Further buying could move prices higher should the market test October's nearby high at 0.00711.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/BTC. Out of 34 times, LTCBTC closed lower 76.47% 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 73.53% with an average market move of -2.94%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more