LTCGBP dominated by bulls lifting the market higher throughout the day
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCGBP ended Saturday at 45.51 gaining £2.17 (5.01%). Today's close at 45.51 marks the highest recorded closing price since October 2, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 44.15, Litecoin confirmed its breakout through the previous session high after trading up to £1.85 above it intraday.
Daily Candlestick Chart (LTCGBP as at Mar 16, 2019):
Saturday's trading range has been £2.44 (5.57%), that's slightly below the last trading month's daily average range of £2.60. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCGBP.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 44.81 (now S1), which is likely to act as support going forward. The last time this happened on March 6th, LTCGBP gained 2.47% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for LTC/GBP. Out of 227 times, LTCGBP closed lower 63.88% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 61.67% with an average market move of -1.22%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCJPY closing 4.91% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more