Crypto Market Summary for Aug 09, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Aug 09, 2020 | by Techniquant Editorial Team
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -2.47% and LTCUSD closing -2.47% lower. None of the markets managed to end the day in the green.
One of today's most interesting market conditions in the Major Cryptocurrencies showed up in XRPUSD: Among the five 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. Although it is usually interpreted as bearish, it has actually shown to be bullish for XRP/USD. Out of 198 times, XRPUSD closed higher 57.58% 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 52.02% with an average market move of 5.63%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been ICXBTC surging 8.01% and WAVESBTC closing 7.75% higher. The worst performers of the day have been ZECUSD tanking -4.82% and ZECBTC closing -4.49% lower.