LTCJPY closes within previous day's range after lackluster session


Litecoin/Japanese Yen Index (LTCJPY) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team

Highlights

LTCJPY breaks back below 50-day moving average
LTCJPY runs into sellers around 4812.78 for the third day in a row
LTCJPY closes below its opening price unable to hold early session gains
LTCJPY closes within previous day's range after lackluster session

Overview

LTCJPY ended Saturday at 4724.09 losing ¥38.45 (-0.81%). Trading ¥50.24 higher after the open, LTC/JPY was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (LTCJPY as at May 23, 2020):

Daily technical analysis candlestick chart for Litecoin/Japanese Yen Index (LTCJPY) as at May 23, 2020

Saturday's trading range has been ¥104.97 (2.2%), that's below the last trading month's daily average range of ¥252.33. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LTCJPY.

After moving higher in the previous session, LTC closed lower but above the prior day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on April 9th, LTCJPY lost -8.43% on the following trading day. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.

The market closed back below the 50-day moving average at 4742.63. Litecoin ran into sellers again today around 4812.78 for the third trading day in a row after having found sellers at 4806.58 in the previous session and at 4815.42 two days ago.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the close-by swing high at 4974.16 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 4499.77 where further sell stops could get activated.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Its common bearish interpretation has been confirmed for LTC/JPY. Out of 57 times, LTCJPY closed lower 54.39% 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 50.88% with an average market move of -0.84%.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more


Market Conditions for LTCJPY as at May 23, 2020

Loading Market Conditions for LTCJPY (Litecoin/Japanese Yen Index)...
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