LTCGBP dominated by bulls lifting the market higher throughout the day
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LTCGBP ended Saturday at 48.70 gaining £1.58 (3.35%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (LTCGBP as at Nov 09, 2019):
Saturday's trading range has been £2.07 (4.39%), that's slightly below the last trading month's daily average range of £3.03. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCGBP.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, LTCGBP actually lost -3.83% on the following trading day.
Prices are trading close to the key technical resistance level at 49.86 (R1). After having been unable to move above 48.77 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 48.70.
Though LTC is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 50.26 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 46.00 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for LTC/GBP. Out of 205 times, LTCGBP closed lower 64.88% 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 four trading days, showing a win rate of 57.56% with an average market move of -0.03%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more