Crypto Market Summary for May 24, 2020


Major Cryptocurrencies Technical Analysis Market Overview Report for May 24, 2020 | by Techniquant Editorial Team

Highlights

XRPUSD dominated by bears dragging the market lower throughout the day
ETHUSD closes below its opening price unable to hold early session gains
BCHUSD closes lower for the 2nd day in a row
LTCUSD breaks below key technical support level
EOSUSD runs into sellers again around 2.61
BTCUSD unable to break through key resistance level
ETCUSD closes higher for the 3rd day in a row

Summary

With six out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -5.09% and BCHUSD closing -4.75% lower. On the flipside the best performer has been ETCUSD closing 0.15% higher.

One of today's most interesting market conditions in the Major Cryptocurrencies showed up in XRPUSD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for XRP/USD. Out of 190 times, XRPUSD closed higher 56.84% 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 51.05% with an average market move of 5.41%. Read more

Looking at the Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 5.6% and ETHCNY closing 4.3% higher. The worst performers of the day have been BCNUSD tanking -13.04% and LTCGBP closing -11.46% lower.

Major Cryptocurrencies Overviews

XRPUSD 0.1928 -0.0061 (-3.07%) Moving lower for the 2nd day in a row, XRPUSD ended Sunday at 0.1928 losing $0.0061 (-3.07%) on low volume. Today's close at 0.1928 marks the lowest recorded closing price since April 23rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 0.1980, XRP/USD confirmed its breakout through the prior session low after trading up to $0.0052 below it intraday. Read more
ETHUSD 199.78 -6.92 (-3.35%) Moving lower for the 2nd day in a row, ETHUSD ended Sunday at 199.78 losing $6.92 (-3.35%). Trading $3.87 higher after the open, ETH was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Saturday's low at 204.82, Ethereum confirmed its breakout through the prior session low after trading up to $5.04 below it intraday. Read more
BCHUSD 223.19 -11.13 (-4.75%) Moving lower for the 2nd day in a row, BCHUSD ended Sunday at 223.19 losing $11.13 (-4.75%). Today's close at 223.19 marks the lowest recorded closing price since April 21st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 232.51, Bitcoin Cash confirmed its breakout through the previous session low after trading up to $9.32 below it intraday. Read more
LTCUSD 42.14 -1.72 (-3.92%) Moving lower for the 2nd day in a row, LTCUSD ended Sunday at 42.14 losing $1.72 (-3.92%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 43.70, Litecoin confirmed its breakout through the prior session low after trading up to $1.56 below it intraday. Read more
EOSUSD 2.49 -0.07 (-2.73%) Moving lower for the 2nd day in a row, EOSUSD ended Sunday at 2.49 losing $0.07 (-2.73%). Trading $0.05 higher after the open, EOS/USD was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Saturday's low at 2.54, EOS confirmed its breakout through the prior session low after trading up to $0.05 below it intraday. Read more
BTCUSD 8,718.49 -467.70 (-5.09%) BTCUSD finished Sunday at 8718.49 losing $467.70 (-5.09%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 9101.08, the cryptocurrency confirmed its breakout through the prior session low after trading up to $393.94 below it intraday. Read more
ETCUSD 6.57 0.01 (0.15%) Moving higher for the 3rd day in a row, ETCUSD ended Sunday at 6.57 gaining $0.01 (0.15%). 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 Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Stratis/Bitcoin Index (STRATBTC) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Ethereum/Japanese Yen Index (ETHJPY) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Ethereum/Chinese Yuan Index (ETHCNY) as at Aug 05, 2020
Aug 05, 2020
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