LTCEUR unable to break through key resistance level
Litecoin/Euro Index (LTCEUR) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCEUR ended Sunday at 57.68 gaining €1.18 (2.09%). Closing above Saturday's high at 56.54, Litecoin confirmed its breakout through the previous session high after trading up to €3.09 above it intraday.
Daily Candlestick Chart (LTCEUR as at Nov 10, 2019):
Sunday's trading range has been €4.12 (7.31%), that's slightly above the last trading month's daily average range of €3.55. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCEUR.
Unable to break through the key technical resistance level at 58.11 (R1), the market closed below it after spiking up to 59.63 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on October 26th, LTCEUR actually gained 6.97% on the following trading day.
While the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LTC/EUR. Out of 382 times, LTCEUR closed lower 56.28% of the time on the next trading day after the market condition occurred.
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