LTCUSD pushes through key technical resistance level
Litecoin/US Dollar Index (LTCUSD) Technical Analysis Report for May 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCUSD finished Wednesday at 102.65 surging $10.54 (11.44%) on high volume. Today's close at 102.65 marks the highest recorded closing price since June 11, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 94.23, LTC/USD confirmed its breakout through the prior session high after trading up to $9.97 above it intraday.
Daily Candlestick Chart (LTCUSD as at May 15, 2019):
Wednesday's trading range has been $13.60 (14.86%), that's far above the last trading month's daily average range of $6.54. 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 LTCUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 98.13 (now S1), which is likely to act as support going forward. The last time this happened on May 11th, LTCUSD actually lost -8.90% 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 could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 78.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/USD. Out of 93 times, LTCUSD closed lower 59.14% of the time on the next trading day after the market condition occurred.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 16.49% and ETHUSD closing 12.89% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been XVGUSD surging 29.72% and XVGBTC closing 26.53% higher. The worst performer of the day has been DASHBTC tanking -0.34%. Read more