Crypto Market Summary for Jul 31, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 6.3% and ETHUSD closing 3.45% higher. None of the markets ended the day in the red.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in BTCUSD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 142 times, BTCUSD closed higher 61.27% 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 68.31% with an average market move of 12.68%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been ETHCNY surging 8.84% and LTCCNY closing 7.87% higher. The worst performers of the day have been SCBTC tanking -10.34% and PIVXBTC closing -5.56% lower.