LTCCNY pushes through Friday's high


Litecoin/Chinese Yuan Index (LTCCNY) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team

Highlights

LTCCNY pushes through key technical resistance level
LTCCNY rises to highest close since March 6th
LTCCNY dominated by bulls lifting the market higher throughout the day
LTCCNY closes higher for the 2nd day in a row
LTCCNY pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, LTCCNY finished Saturday at 438.12 surging CN¥30.36 (7.45%) on high volume. Today's close at 438.12 marks the highest recorded closing price since March 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 416.82, the market confirmed its breakout through the previous session high after trading up to CN¥27.50 above it intraday.

Daily Candlestick Chart (LTCCNY as at Aug 01, 2020):

Daily technical analysis candlestick chart for Litecoin/Chinese Yuan Index (LTCCNY) as at Aug 01, 2020

Saturday's trading range has been CN¥36.56 (8.97%), that's far above the last trading month's daily average range of CN¥19.94. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for LTCCNY.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 409.80 (now S1), which is likely to act as support going forward. The last time this happened on July 27th, LTCCNY gained 6.61% on the following trading day.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 334.04.

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

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for LTC/CNY. Out of 187 times, LTCCNY closed lower 60.96% 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 59.89% with an average market move of 0.00%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more


Market Conditions for LTCCNY as at Aug 01, 2020

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