LTCCNY closes lower for the 2nd day in a row


Litecoin/CNY Index (LTCCNY) Technical Analysis Report for Aug 11, 2018 [1 min read]
Highlights
LTCCNY dominated by bears dragging the market lower throughout the day
LTCCNY closes lower for the 2nd day in a row
LTCCNY ends the day on a bearish note closing near the low of the day
LTCCNY finds buyers again around 398.32
LTCCNY falls to lowest close since November 6, 2017
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

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 chart for LTCCNY
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 397.59 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Litecoin/CNY Index
Condition Forecast Direction Win Avg Worst Best Events
Closed below last periods low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

LTCCNY breaks below prior session low

Aug 16, 2018
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