LTCGBP closes higher for the 3rd day in a row
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCGBP ended Saturday at 51.83 gaining £2.01 (4.03%) on high volume. Today's close at 51.83 marks the highest recorded closing price since February 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 50.25, the market confirmed its breakout through the previous session high after trading up to £2.01 above it intraday.
Daily Candlestick Chart (LTCGBP as at Aug 01, 2020):
Saturday's trading range has been £2.83 (5.68%), that's slightly above the last trading month's daily average range of £2.38. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for LTCGBP.
One bullish candlestick pattern matches today's price action, the White Candle.
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 could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 42.27.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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 260 times, LTCGBP closed lower 65.00% 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 56.92% with an average market move of -0.21%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more