LTCJPY pushes through Saturday's high
Litecoin/Japanese Yen Index (LTCJPY) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCJPY finished Sunday at 6928.38 gaining ¥134.55 (1.98%) on high volume. Closing above Saturday's high at 6840.42, the cryptocurrency confirmed its breakout through the prior session high after trading up to ¥279.90 above it intraday.
Daily Candlestick Chart (LTCJPY as at Nov 10, 2019):
Sunday's trading range has been ¥334.34 (4.89%), that's slightly below the last trading month's daily average range of ¥344.09. 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.
Prices are trading close to the key technical support level at 6770.35 (S1).
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 7122.54 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for LTC/JPY. Out of 303 times, LTCJPY closed lower 60.73% 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 two trading days, showing a win rate of 59.41% with an average market move of -0.37%.
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