Crypto Market Summary for Jul 31, 2020


Major Cryptocurrencies Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

XRPUSD dominated by bulls lifting the market higher throughout the day
BCHUSD closes higher for the 2nd day in a row
BTCUSD pushes through Thursday's high
ETCUSD unable to break through key resistance level
LTCUSD runs into sellers again around 59.19
EOSUSD climbs to highest close since March 7th
ETHUSD rises to highest close since August 9, 2018

Summary

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.

Major Cryptocurrencies Overviews

XRPUSD 0.2599 0.0154 (6.30%) Moving higher for the 7th day in a row, XRPUSD ended the month 48.34% higher at 0.2599 after surging $0.0154 (6.3%) today. This is the biggest single-day gain in over three weeks. Today's close at 0.2599 marks the highest recorded closing price since February 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.2497, the cryptocurrency confirmed its breakout through the previous session high after trading up to $0.0110 above it intraday. Read more
BCHUSD 301.20 9.04 (3.09%) Moving higher for the 2nd day in a row, BCHUSD ended the month 35.54% higher at 301.20 after gaining $9.04 (3.09%) today. Today's close at 301.20 marks the highest recorded closing price since March 7th. Closing above Thursday's high at 300.54, the cryptocurrency confirmed its breakout through the prior session high after trading up to $5.89 above it intraday. Read more
BTCUSD 11,352.72 239.06 (2.15%) Moving higher for the 3rd day in a row, BTCUSD finished the month 24.26% higher at 11352.72 after gaining $239.06 (2.15%) today. Today's close at 11352.72 marks the highest recorded closing price since August 12, 2019. Closing above Thursday's high at 11182.76, the market confirmed its breakout through the previous session high after trading up to $271.35 above it intraday. Read more
ETCUSD 7.41 0.06 (0.82%) Moving higher for the 5th day in a row, ETCUSD ended the month 29.32% higher at 7.41 after gaining $0.06 (0.82%) today. Today's close at 7.41 marks the highest recorded closing price since May 30th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
LTCUSD 58.22 1.44 (2.54%) Moving higher for the 2nd day in a row, LTCUSD finished the month 41.34% higher at 58.22 after gaining $1.44 (2.54%) today. Today's close at 58.22 marks the highest recorded closing price since March 7th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
EOSUSD 3.10 0.05 (1.64%) Moving higher for the 5th day in a row, EOSUSD finished the month 30.8% higher at 3.10 after gaining $0.05 (1.64%) today. Today's close at 3.10 marks the highest recorded closing price since March 7th. Read more
ETHUSD 346.81 11.56 (3.45%) Moving higher for the 3rd day in a row, ETHUSD ended the month 53.74% higher at 346.81 after gaining $11.56 (3.45%) today. Today's close at 346.81 marks the highest recorded closing price since August 9, 2018. Closing above Thursday's high at 341.36, Ethereum confirmed its breakout through the prior session high after trading up to $8.12 above it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Verge/US Dollar Index (XVGUSD) as at Aug 09, 2020
Aug 09, 2020
Daily technical analysis candlestick chart for Bytecoin/US Dollar Index (BCNUSD) as at Aug 09, 2020
Aug 09, 2020
Daily technical analysis candlestick chart for Bitcoin/Chinese Yuan Index (BTCCNY) as at Aug 09, 2020
Aug 09, 2020
Daily technical analysis candlestick chart for Tron/US Dollar Index (TRXUSD) as at Aug 09, 2020
Aug 09, 2020
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