LTCCNY closes below its opening price unable to hold early session gains
Litecoin/Chinese Yuan Index (LTCCNY) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
LTCCNY finished Sunday at 433.64 losing CN¥5.99 (-1.36%). Trading CN¥13.42 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (LTCCNY as at Nov 10, 2019):
Sunday's trading range has been CN¥26.27 (5.94%), that's slightly below the last trading month's daily average range of CN¥28.31. 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 are trading close to the key technical support level at 417.66 (S1). After having been unable to move lower than 426.57 in the previous session, Litecoin found buyers again around the same price level today at 429.51. The last time this happened on Thursday, LTCCNY actually lost -1.01% on the following trading day.
While LTC/CNY is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might accelerate should prices move below the close-by swing low at 417.66 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for LTC/CNY. Out of 291 times, LTCCNY closed lower 54.30% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 52.58% with an average market move of -0.28%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more