LTCCNY closes lower for the 2nd day in a row
Litecoin/Chinese Yuan Index (LTCCNY) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LTCCNY finished Saturday at 398.71 edging lower CN¥0.84 (-0.21%) on low volume. Today's closing price of 398.71 marks the lowest close since November 6, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (LTCCNY as at Aug 11, 2018):
Saturday's trading range was CN¥22.55 (5.36%), that's above last trading month's daily average range of CN¥17.89. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 413.84. After having been unable to move lower than 397.59 in the prior session, Litecoin found buyers again around the same price level today at 398.32.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 397.59 where further sell stops could get triggered.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more