Crypto Market Summary for Nov 09, 2019
Major Cryptocurrencies Technical Analysis Market Overview Report for Nov 09, 2019 | by Techniquant Editorial Team
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in XRPUSD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 77 times, XRPUSD closed lower 67.53% 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 five trading days, showing a win rate of 66.23% with an average market move of -2.12%. Read more
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.