Crypto Market Summary for Aug 01, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Aug 01, 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 12.04% and ETHUSD closing 11.71% 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 XRPUSD: Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XRP/USD. Out of 339 times, XRPUSD closed lower 61.06% 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 three trading days, showing a win rate of 65.19% with an average market move of -1.05%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower.