The Big Winners From Yesterday
Since the previous day, the coin whose price performed the best out of the 133 coins we are observing was Bitcoin Cash, which gave its holders a 3.5% day-over-day return. The next three best performing currencies were Ethereum, Eidoo, and Bitcoin, which gave holders daily returns of 2.76%, 2.47%, and 1.73%. These moves were quite significant, in the sense that they were well outside of the volatility each of the respective coins had seen for the past two weeks.
The Crypto Big Picture
Since yesterday, the average change in the price of coins in our index was a move down -10.8792%. Drilling down, we see that 5 coins we’re tracking were up while 128 coins were down. The chart below shows the average daily change for all the coins in our index over time. 2 coins are especially close to their 20 day moving average, and thus may be worth watching for technical traders who view the 20 day moving average as a key support/resistance level.
Key Price Technicals in the Crypto Market
Those 2 coins are: Bitcoin Gold, BQX. Likewise, volatility has continued to trend lower and contract for 12 of the 133 coins in our index; contracting volatility often precedes a breakout, so these coins may be gearing up for a larger move. The chart below drills down a bit more, featuring 4 currencies with contracting volatility that are trading below their moving average. Are these coins forming a bottom?
Article by SixJupiter