LTCCNY stuck within tight trading range
Litecoin/Chinese Yuan Index (LTCCNY) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LTCCNY finished Saturday at 439.63 gaining CN¥6.82 (1.58%) on low volume. Trading up to CN¥6.26 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 29th, LTCCNY actually lost -6.53% on the following trading day. Closing above Friday's high at 436.83, LTC/CNY confirmed its breakout through the prior session high after trading up to CN¥3.86 above it intraday.
Daily Candlestick Chart (LTCCNY as at Nov 09, 2019):
Saturday's trading range has been CN¥14.12 (3.26%), that's below the last trading month's daily average range of CN¥28.48. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCCNY. Prices continued to consolidate within a tight trading range between 417.66 and 451.33 where it has been caught now for the last three trading days.
After having been unable to move above 436.83 in the previous session, LTC ran into sellers again around the same price level today, missing to move higher than 440.69.
While the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the nearby swing low at 417.66 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LTC/CNY. Out of 386 times, LTCCNY closed lower 56.74% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more