LTCGBP pushes through key technical resistance level
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCGBP finished Sunday at 49.88 gaining £1.18 (2.42%) on high volume. Closing above Saturday's high at 48.70, LTC/GBP confirmed its breakout through the prior session high after trading up to £3.15 above it intraday.
Daily Candlestick Chart (LTCGBP as at Nov 10, 2019):
Sunday's trading range has been £4.10 (8.45%), that's slightly above the last trading month's daily average range of £3.15. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCGBP.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 49.86 (now S1), which is likely to act as support going forward. The last time this happened on Wednesday, LTCGBP actually lost -3.83% on the following trading day.
Though the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the five 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 250 times, LTCGBP closed lower 62.80% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more