LTCEUR closes within previous day's range
Litecoin/Euro Index (LTCEUR) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCEUR ended Saturday at 46.16 gaining €0.09 (0.2%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LTCEUR as at Oct 13, 2018):
Saturday's trading range has been €1.11 (2.41%), that's slightly below the last trading month's daily average range of €4.46. 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 LTCEUR.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
After having been unable to move above 46.25 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 46.83. The last time this happened on Wednesday, LTCEUR lost -12.76% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 43.24 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for LTC/EUR. Out of 112 times, LTCEUR closed lower 51.79% 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 58.93% with an average market move of -0.61%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are DASHUSD gaining 1.97% and ETHUSD closing 1.6% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more