LTCUSD runs into sellers again around 62.37
Litecoin/US Dollar Index (LTCUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LTCUSD ended Saturday at 62.23 gaining $1.56 (2.57%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (LTCUSD as at Nov 09, 2019):
Saturday's trading range has been $2.20 (3.64%), that's below the last trading month's daily average range of $3.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 64.31 (R1). After having been unable to move above 62.43 in the previous session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 62.37. The last time this happened on Thursday, LTCUSD lost -2.10% on the following trading day.
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 speed up should prices move above the nearby swing high at 64.31 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 58.79 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LTC/USD. Out of 327 times, LTCUSD closed lower 57.19% of the time on the next trading day after the market condition occurred.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.29% and EOSUSD closing 1.16% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the 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