LTCCNY pops to highest close since October 9, 2018
Litecoin/Chinese Yuan Index (LTCCNY) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, LTCCNY ended Saturday at 405.77 gaining CN¥9.02 (2.27%). Today's close at 405.77 marks the highest recorded closing price since October 9, 2018. Closing above Friday's high at 401.02, the cryptocurrency confirmed its breakout through the previous session high after trading up to CN¥14.57 above it intraday.
Daily Candlestick Chart (LTCCNY as at Mar 16, 2019):
Saturday's trading range has been CN¥20.18 (5.1%), that's slightly above the last trading month's daily average range of CN¥18.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCCNY.
Buyers managed to take out the key technical resistance level at 404.39 (now S1), which is likely to act as support going forward. The last time this happened on March 1st, LTCCNY gained 2.57% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/CNY. Out of 13 times, LTCCNY closed lower 61.54% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more