Crypto Market Summary for Jul 10, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Jul 10, 2020 | by Techniquant Editorial Team
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETCUSD losing -4.06% and XRPUSD closing -1.83% lower. On the flipside the best performers have been BTCUSD closing 0.54% higher and BCHUSD gaining 0.06%.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in XRPUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 60 times, XRPUSD closed lower 55.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 70.00% with an average market move of -2.20%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 26.82% and STRATUSD closing 8.47% higher. The worst performers of the day have been DOGEUSD tanking -18.44% and VETBTC closing -6.09% lower.