LTCEUR runs into sellers again around 56.54
Litecoin/Euro Index (LTCEUR) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LTCEUR ended Saturday at 56.50 gaining €1.76 (3.22%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (LTCEUR as at Nov 09, 2019):
Saturday's trading range has been €1.93 (3.53%), that's below the last trading month's daily average range of €3.43. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 58.11 (R1). After having been unable to move above 56.51 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 56.54. The last time this happened on Thursday, LTCEUR lost -1.49% on the following trading day.
Although LTC/EUR is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 58.11 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 53.40 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LTC/EUR. Out of 220 times, LTCEUR closed lower 59.55% 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