PIVXBTC closes below its opening price unable to hold early session gains
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
PIVXBTC ended Saturday at 0.0000260 losing BTC0.0000011 (-4.06%). Trading BTC0.0000012 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PIVXBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0000024 (8.86%), that's slightly above the last trading month's daily average range of BTC0.0000024. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXBTC.
Even with a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading down to 0.0000259 earlier during the day, PIVX bounced off the key technical support level at 0.0000259 (S1). The failure to close below the support might increase that levels significance as support going forward. PIVX/BTC closed back below the 20-day moving average at 0.0000267. When this moving average was crossed below the last time on October 23rd, PIVXBTC actually gained 2.89% on the following trading day. After having been unable to move lower than 0.0000258 in the prior session, PIVXBTC found buyers again around the same price level today at 0.0000259.
Though 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.
Buying might speed up should prices move above the close-by swing high at 0.0000283 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 0.0000250 where further sell stops could get activated. With prices trading close to this year's low at 0.0000215, downside momentum might speed up should the market break out to new lows for the year. Further selling could move prices lower should the market test October's close-by low at 0.0000228.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Its common bearish interpretation has been confirmed for PIVX/BTC. Out of 50 times, PIVXBTC closed lower 56.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 64.00% with an average market move of -4.85%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXUSD closing -3.41% lower. Read more