Crypto Market Summary for Oct 16, 2020


Major Cryptocurrencies Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team

Highlights

BCHUSD runs into sellers again around 266.66
LTCUSD breaks back below 50-day moving average
ETHUSD dominated by bears dragging the market lower throughout the day
BTCUSD unable to break through key resistance level
ETCUSD ends the day indecisive
EOSUSD closes lower for the 5th day in a row
XRPUSD breaks below Thursday's low

Summary

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.

Major Cryptocurrencies Overviews

BCHUSD 250.33 -11.89 (-4.53%) BCHUSD finished the week 4.6% higher at 250.33 after tanking $11.89 (-4.53%) today on high volume. This is the biggest single-day loss in over three weeks. Closing below Thursday's low at 255.81, Bitcoin Cash confirmed its breakout through the prior session low after trading up to $11.65 below it intraday. Read more
LTCUSD 47.62 -1.92 (-3.88%) Moving lower for the 4th day in a row, LTCUSD finished the week -5.74% lower at 47.62 after tanking $1.92 (-3.88%) today on high volume. This is the biggest single-day loss in over three weeks. Closing below Thursday's low at 48.91, LTC/USD confirmed its breakout through the previous session low after trading up to $3.07 below it intraday. Read more
ETHUSD 365.58 -12.24 (-3.24%) Moving lower for the 4th day in a row, ETHUSD finished the week -2.36% lower at 365.58 after tanking $12.24 (-3.24%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 370.29, Ethereum confirmed its breakout through the prior session low after trading up to $8.72 below it intraday. Read more
BTCUSD 11,326.25 -182.06 (-1.58%) BTCUSD ended the week -0.43% lower at 11326.25 after losing $182.06 (-1.58%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
ETCUSD 5.56 -0.03 (-0.54%) Moving lower for the 2nd day in a row, ETCUSD ended the week -4.96% lower at 5.56 after losing $0.03 (-0.54%) today. Today's close at 5.56 marks the lowest recorded closing price since September 10th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session. Read more
EOSUSD 2.54 -0.06 (-2.31%) Moving lower for the 5th day in a row, EOSUSD finished the week -4.51% lower at 2.54 after losing $0.06 (-2.31%) today. Closing below Thursday's low at 2.58, EOS/USD confirmed its breakout through the previous session low after trading up to $0.08 below it intraday. Read more
XRPUSD 0.2402 -0.0059 (-2.40%) Moving lower for the 3rd day in a row, XRPUSD finished the week -5.99% lower at 0.2402 after losing $0.0059 (-2.4%) today. Closing below Thursday's low at 0.2433, the cryptocurrency confirmed its breakout through the prior session low after trading up to $0.0053 below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Bitcoin Cash/Bitcoin Index (BCHBTC) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Bitcoin/Chinese Yuan Index (BTCCNY) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Bitcoin/Euro Index (BTCEUR) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for XEM/US Dollar Index (XEMUSD) as at Oct 26, 2020
Oct 26, 2020
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