LTCUSD finds buyers again around 80.53
Litecoin/US Dollar Index (LTCUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LTCUSD finished Saturday at 87.17 gaining $4.55 (5.51%). Today's close at 87.17 marks the highest recorded closing price since August 11, 2019. Closing above Friday's high at 85.66, LTC/USD confirmed its breakout through the previous session high after trading up to $2.78 above it intraday.
Daily Candlestick Chart (LTCUSD as at Nov 21, 2020):
Saturday's trading range has been $7.91 (9.57%), that's above the last trading month's daily average range of $5.39. 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.
After having been unable to move lower than 80.15 in the prior session, the market found buyers again around the same price level today at 80.53. The last time this happened on November 16th, LTCUSD gained 3.51% 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 though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 65.48.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight 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. While it is usually interpreted as bullish, it has actually shown to be bearish for LTC/USD. Out of 406 times, LTCUSD closed lower 57.14% of the time on the next trading day after the market condition occurred.