Crypto Market Summary for Jan 16, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Jan 16, 2020 | by Techniquant Editorial Team
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.02% and LTCUSD closing -2.14% lower. On the flipside the best performers have been ETCUSD closing 3.49% higher and EOSUSD gaining 0.26%.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in XRPUSD: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for XRP/USD. Out of 53 times, XRPUSD closed higher 62.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.49% with an average market move of 21.55%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been ARDRBTC surging 6.6% and ETCBTC closing 6.4% higher. The worst performers of the day have been BTGBTC tanking -12.28% and BTGUSD closing -8.69% lower.