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