LTCUSD pushes through key technical resistance level
Litecoin/US Dollar Index (LTCUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LTCUSD ended Sunday at 63.62 gaining $1.39 (2.23%). Today's close at 63.62 marks the highest recorded closing price since September 23rd. Closing above Saturday's high at 62.37, the cryptocurrency confirmed its breakout through the prior session high after trading up to $3.55 above it intraday.
Daily Candlestick Chart (LTCUSD as at Nov 10, 2019):
Sunday's trading range has been $4.75 (7.65%), that's slightly above the last trading month's daily average range of $3.99. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 62.23 (now S1), which is likely to act as support going forward. The last time this happened on October 27th, LTCUSD actually lost -1.80% on the following trading day.
Although Litecoin is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five 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/USD. Out of 362 times, LTCUSD closed lower 58.29% of the time on the next trading day after the market condition occurred.
With five out of the other six 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 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