Crypto Market Summary for May 23, 2020


Major Cryptocurrencies Technical Analysis Market Overview Report for May 23, 2020 | by Techniquant Editorial Team

Highlights

ETCUSD fails to close above 20-day moving average
LTCUSD runs into sellers around 44.72 for the third day in a row
BTCUSD unable to break through key resistance level
XRPUSD breaks back below 50-day moving average
EOSUSD runs into sellers again around 2.62
BCHUSD closes within prior day's range after lackluster session
ETHUSD closes below its opening price unable to hold early session gains

Summary

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%.

One of today's most interesting market conditions in the Major Cryptocurrencies showed up in LTCUSD: Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for LTC/USD. Out of 231 times, LTCUSD closed higher 49.78% 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 56.28% with an average market move of 11.98%. Read more

Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower.

Major Cryptocurrencies Overviews

ETCUSD 6.56 0.10 (1.55%) Moving higher for the 2nd day in a row, ETCUSD ended Saturday at 6.56 gaining $0.10 (1.55%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
LTCUSD 43.86 -0.36 (-0.81%) LTCUSD finished Saturday at 43.86 losing $0.36 (-0.81%). Trading $0.50 higher after the open, Litecoin was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 9th, LTCUSD lost -10.49% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
BTCUSD 9,186.19 21.06 (0.23%) Moving higher for the 2nd day in a row, BTCUSD finished Saturday at 9186.19 edging higher $21.06 (0.23%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
XRPUSD 0.1989 -0.0013 (-0.65%) XRPUSD ended Saturday at 0.1989 losing $0.0013 (-0.65%) on low volume. Trading $0.0021 higher after the open, Ripple was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 9th, XRPUSD lost -8.78% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
EOSUSD 2.56 -0.03 (-1.16%) EOSUSD ended Saturday at 2.56 losing $0.03 (-1.16%). Trading $0.03 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
BCHUSD 234.32 -0.34 (-0.14%) BCHUSD ended Saturday at 234.32 losing $0.34 (-0.14%) on low volume. Trading $5.21 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
ETHUSD 206.70 -0.58 (-0.28%) ETHUSD finished Saturday at 206.70 edging lower $0.58 (-0.28%) on low volume. Trading $3.95 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Bitcoin/Chinese Yuan Index (BTCCNY) as at Sep 22, 2020
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Daily technical analysis candlestick chart for Lisk/Bitcoin Index (LSKBTC) as at Sep 22, 2020
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Daily technical analysis candlestick chart for Ripple/Bitcoin Index (XRPBTC) as at Sep 22, 2020
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Daily technical analysis candlestick chart for Tron/Bitcoin Index (TRXBTC) as at Sep 22, 2020
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