LTCCNY closes lower for the 2nd day in a row
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.
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.
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
|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...
Learn more about TQ Pro
Related Crypto Currencies