LTCGBP pushes through Thursday's high

Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team


LTCGBP pushes through key technical resistance level
LTCGBP rises to highest close since September 2nd
LTCGBP closes higher for the 3rd day in a row
LTCGBP pushes through Thursday's high


Moving higher for the 3rd day in a row, LTCGBP finished the week 14.78% higher at 48.29 after gaining £1.82 (3.92%) today on low volume. Today's close at 48.29 marks the highest recorded closing price since September 2nd. Closing above Thursday's high at 47.34, the market confirmed its breakout through the prior session high after trading up to £1.21 above it intraday.

Daily Candlestick Chart (LTCGBP as at Oct 23, 2020):

Daily technical analysis candlestick chart for Litecoin/British Pound Index (LTCGBP) as at Oct 23, 2020

Friday's trading range has been £2.93 (6.31%), that's slightly above the last trading month's daily average range of £2.47. Weekly volatility is also higher, being above 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 47.89 (now S1), which is likely to act as support going forward. The last time this happened on Wednesday, LTCGBP gained 3.91% on the following trading day.

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 while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 42.66.

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. Though it is usually interpreted as bullish, it has actually shown to be bearish for LTC/GBP. Out of 281 times, LTCGBP closed lower 64.06% 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 57.65% with an average market move of -0.23%.

Market Conditions for LTCGBP as at Oct 23, 2020

Loading Market Conditions for LTCGBP (Litecoin/British Pound Index)...
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