LTCJPY dominated by bulls lifting the market higher throughout the day
Litecoin/Japanese Yen Index (LTCJPY) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LTCJPY finished Saturday at 6793.83 gaining ¥151.81 (2.29%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 6746.34, the market confirmed its breakout through the prior session high after trading up to ¥94.08 above it intraday.
Daily Candlestick Chart (LTCJPY as at Nov 09, 2019):
Saturday's trading range has been ¥210.66 (3.17%), that's below the last trading month's daily average range of ¥335.47. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCJPY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 4th, LTCJPY gained 3.23% on the following trading day.
Buyers managed to take out the key technical resistance level at 6770.35 (now S1), which is likely to act as support going forward.
While Litecoin 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 speed up should prices move above the close-by swing high at 7122.54 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 6483.54 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LTC/JPY. Out of 178 times, LTCJPY closed lower 65.73% 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 10 trading days, showing a win rate of 57.30% with an average market move of 0.07%.
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