LTCGBP closes within previous day's range
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
Moving lower for the 7th day in a row, LTCGBP ended Saturday at 19.64 edging lower £0.24 (-1.21%). Today's close at 19.64 marks the lowest recorded closing price since May 30, 2017. Trading £12.26 higher after the open, Litecoin was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LTCGBP as at Dec 08, 2018):
Saturday's trading range has been £13.97 (68.95%), that's far above the last trading month's daily average range of £3.76. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LTCGBP.
After spiking up to 32.52 during the day, LTC/GBP has been sold off at those price levels and formed a bearish Pin Bar closing £12.88 below today's high. The last time this happened on May 10th, LTCGBP lost -10.62% on the following trading day. Additionally, three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji.
After spiking up to 32.52 during the day, LTC found resistance at the 20-day moving average at 24.67.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 24.67.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 17.58 where further sell stops could get triggered.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R2" stand out. Its common bearish interpretation has been confirmed for LTC/GBP. Out of 102 times, LTCGBP closed lower 54.90% of the time on the next trading day after the market condition occurred.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more