LTCGBP pops to highest close since August 12, 2019
Litecoin/British Pound Index (LTCGBP) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCGBP ended Saturday at 70.63 gaining £3.44 (5.12%). Today's close at 70.63 marks the highest recorded closing price since August 12, 2019. Closing above Friday's high at 69.61, the cryptocurrency confirmed its breakout through the previous session high after trading up to £1.46 above it intraday.
Daily Candlestick Chart (LTCGBP as at Nov 21, 2020):
Saturday's trading range has been £5.74 (8.54%), that's above the last trading month's daily average range of £4.23. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for LTCGBP.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 65.61 in the prior session, the market found buyers again around the same price level today at 65.33. The last time this happened on November 12th, LTCGBP gained 5.94% 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 though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 54.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/GBP. Out of 173 times, LTCGBP closed lower 64.16% of the time on the next trading day after the market condition occurred.