LTCEUR dominated by bears dragging the market lower throughout the day


Litecoin/EUR Index (LTCEUR) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
LTCEUR dominated by bears dragging the market lower throughout the day
LTCEUR closes lower for the 2nd day in a row
LTCEUR ends the day on a bearish note closing near the low of the day
LTCEUR breaks below previous session low
LTCEUR falls to lowest close since November 6, 2017
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, LTCEUR finished Saturday at 48.91 losing €2.88 (-5.56%). Today's closing price of 48.91 marks the lowest close since November 6, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 51.15, the cryptocurrency confirms its breakout through the previous session's low having traded €2.58 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for LTCEUR
Volatility

Saturday's trading range was €3.26 (6.29%), that's slightly below last trading month's daily average range of €3.87. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Trend

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

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Litecoin/EUR Index
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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