Crypto Market Summary for Jan 22, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Jan 22, 2020 | by Techniquant Editorial Team
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETHUSD losing -1.2% and BTCUSD closing -0.99% lower. On the flipside the best performers have been ETCUSD closing 4.59% higher and LTCUSD gaining 0.47%.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in BTCUSD: Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 1,126 times, BTCUSD closed higher 50.36% 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 55.68% with an average market move of 5.42%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been XEMBTC surging 14.42% and XEMUSD closing 13.65% higher. The worst performers of the day have been XVGUSD tanking -5.09% and BTCCNY closing -4.77% lower.