LTCEUR dominated by bulls lifting the market higher throughout the day
Litecoin/Euro Index (LTCEUR) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCEUR ended Saturday at 52.52 surging €3.00 (6.06%) on high volume. Today's close at 52.52 marks the highest recorded closing price since March 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 50.24, the market confirmed its breakout through the previous session high after trading up to €2.73 above it intraday.
Daily Candlestick Chart (LTCEUR as at Aug 01, 2020):
Saturday's trading range has been €3.93 (7.94%), that's above the last trading month's daily average range of €2.35. 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 LTCEUR.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 49.04 earlier during the day, LTC bounced off the key technical support level at 49.38 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on July 23rd, LTCEUR actually lost -2.14% 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 while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 41.36.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/EUR. Out of 252 times, LTCEUR closed lower 61.11% of the time on the next trading day after the market condition occurred.
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