LTCUSD runs into sellers again around 47.94


Litecoin/US Dollar Index (LTCUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

LTCUSD breaks back above 20-day moving average
LTCUSD runs into sellers again around 47.94
LTCUSD closes within previous day's range after lackluster session

Overview

LTCUSD finished Sunday at 47.58 gaining $0.64 (1.36%) on low volume. 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 Oct 18, 2020):

Daily technical analysis candlestick chart for Litecoin/US Dollar Index (LTCUSD) as at Oct 18, 2020

Sunday's trading range has been $1.10 (2.34%), that's far below the last trading month's daily average range of $1.98. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LTCUSD.

After moving lower in the prior session, LTC managed to close higher but below the previous day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on September 22nd, LTCUSD actually lost -3.51% on the following trading day. Additionally, three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.

The cryptocurrency managed to close back above the 20-day moving average at 47.55. After having been unable to move above 47.66 in the prior session, LTC/USD ran into sellers again around the same price level today, missing to move higher than 47.94.

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Selling might speed up should prices move below the nearby swing low at 45.84 where further sell stops could get triggered.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for LTC/USD. Out of 173 times, LTCUSD closed lower 54.34% 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 60.12% with an average market move of -0.79%.

With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for LTCUSD as at Oct 18, 2020

Loading Market Conditions for LTCUSD (Litecoin/US Dollar Index)...
Latest Report:

LTCUSD finds buyers at key support level

Oct 26, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Litecoin/US Dollar Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!