Crypto Market Summary for Aug 16, 2019
Major Cryptocurrencies Technical Analysis Market Overview Report for Aug 16, 2019 | by Techniquant Editorial Team
With six out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETCUSD losing -2.12% and LTCUSD closing -1.94% lower. On the flipside the best performer has been BTCUSD closing 0.69% higher.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in BCHUSD: Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BCH/USD. Out of 20 times, BCHUSD closed lower 55.00% 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 10 trading days, showing a win rate of 55.00% with an average market move of -0.45%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been XVGUSD surging 12.76% and XVGBTC closing 11.9% higher. The worst performers of the day have been ICXBTC tanking -9.81% and BATBTC closing -5.01% lower.