Crypto Market Summary for May 29, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for May 29, 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 BTCUSD losing -1.62% and XRPUSD closing -1.4% lower. On the flipside the best performers have been ETCUSD closing 5.1% higher and EOSUSD gaining 0.38%.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in LTCUSD: Among the four 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. Though it is usually interpreted as bearish, it has actually shown to be bullish for LTC/USD. Out of 261 times, LTCUSD closed higher 54.02% 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 49.04% with an average market move of 1.98%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 6.98% and PIVXBTC closing 5.97% higher. The worst performers of the day have been STRATUSD tanking -2.94% and ZECUSD closing -2.43% lower.