PIVXBTC closes higher for the 2nd day in a row


Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Oct 12, 2019 | by Techniquant Editorial Team

Highlights

PIVXBTC closes above its opening price after recovering from early selling pressure
PIVXBTC closes higher for the 2nd day in a row
PIVXBTC runs into sellers again around 0.0000318
PIVXBTC pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, PIVXBTC ended Saturday at 0.0000318 gaining BTC0.0000009 (2.91%). Trading up to BTC0.0000007 lower after the open, PIVX managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 7th, PIVXBTC gained 20.00% on the following trading day. Closing above Friday's high at 0.0000315, PIVX/BTC confirmed its breakout through the previous session high after trading up to BTC0.0000003 above it intraday.

Daily Candlestick Chart (PIVXBTC as at Oct 12, 2019):

Daily technical analysis candlestick chart for Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) as at Oct 12, 2019

Saturday's trading range has been BTC0.0000013 (4.17%), that's below the last trading month's daily average range of BTC0.0000034. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PIVXBTC.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.

Prices are trading close to the key technical resistance level at 0.0000319 (R1). After having been unable to move above 0.0000315 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 0.0000318.

Although the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Selling might speed up should prices move below the nearby swing low at 0.0000296 where further sell stops could get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for PIVX/BTC. Out of 59 times, PIVXBTC closed lower 62.71% of the time on the next trading day after the market condition occurred.

With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.79% and BCHUSD closing 1.41% higher. On the flipside the worst performer has been ETHUSD closing -0.41% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been SCBTC surging 12.5% and BATUSD closing 3.56% higher. The worst performers of the day have been KMDBTC tanking -4.07% and ELFBTC closing -3.56% lower. Read more


Market Conditions for PIVXBTC as at Oct 12, 2019

Loading Market Conditions for PIVXBTC (Private Instant Verified Transaction/Bitcoin Index)...
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