LTCBTC closes below its opening price unable to hold early session gains
Litecoin/Bitcoin Index (LTCBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
LTCBTC finished Sunday at 0.00703 losing BTC0.00004 (-0.57%). Trading BTC0.00035 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (LTCBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00042 (5.97%), that's far above the last trading month's daily average range of BTC0.00027. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCBTC.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on September 9th, LTCBTC gained 3.24% on the following trading day.
Prices are trading close to the key technical support level at 0.00691 (S1).
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.00654.
Though Litecoin is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for LTC/BTC. Out of 32 times, LTCBTC closed higher 65.63% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.00% with an average market move of 2.71%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more