Crypto Market Summary for Oct 16, 2020
Major Cryptocurrencies Technical Analysis Market Overview Report for Oct 16, 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 BCHUSD losing -4.53% and LTCUSD closing -3.88% 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 EOSUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for EOS/USD. Out of 13 times, EOSUSD closed higher 69.23% 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 61.54% with an average market move of 3.39%. Read more
Looking at the Minor Cryptocurrencies, the winners of the day have been WAVESBTC surging 11.31% and WAVESUSD closing 9.26% higher. The worst performers of the day have been ZECUSD tanking -8.25% and XMRUSD closing -7.19% lower.