LTCEUR pops to highest close since February 14th
Litecoin/Euro Index (LTCEUR) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCEUR finished Saturday at 73.35 gaining €3.74 (5.37%) on high volume. Today's close at 73.35 marks the highest recorded closing price since February 14th. 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.
Daily Candlestick Chart (LTCEUR as at Nov 21, 2020):
Saturday's trading range has been €5.31 (7.63%), that's above the last trading month's daily average range of €4.07. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably 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 73.83 (R1). After having been unable to move lower than 68.45 in the prior session, Litecoin found buyers again around the same price level today at 68.43. The last time this happened on November 16th, LTCEUR gained 3.32% 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 though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 55.35.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 73.83 where further buy stops could get triggered. With prices trading close to this year's high at 77.68, upside momentum might speed up should the market be able to break out to new highs for the year.
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. While it is usually interpreted as bullish, it has actually shown to be bearish for LTC/EUR. Out of 267 times, LTCEUR closed lower 60.30% of the time on the next trading day after the market condition occurred.