PIVXBTC breaks below key technical support level
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PIVXBTC finished Sunday at 0.0000255 losing BTC0.0000005 (-1.92%). Closing below Saturday's low at 0.0000259, PIVX/BTC confirmed its breakout through the previous session low after trading up to BTC0.0000010 below it intraday.
Daily Candlestick Chart (PIVXBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.0000015 (5.73%), that's below the last trading month's daily average range of BTC0.0000024. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXBTC.
Prices broke below the key technical support level at 0.0000259 (now R1), which is likely to act as resistance going forward. The last time this happened on October 29th, PIVXBTC lost -0.78% on the following trading day.
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.
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 nearby low at 0.0000228.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for PIVX/BTC. Out of 103 times, PIVXBTC closed lower 57.28% 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 61.17% with an average market move of -0.06%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more