PIVXBTC enters Death Cross for the first time since February 5th
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
PIVXBTC finished Saturday at 0.0000314 losing BTC0.0000008 (-2.48%). 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 May 23, 2020):
Saturday's trading range has been BTC0.0000019 (5.9%), that's slightly below the last trading month's daily average range of BTC0.0000022. 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.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on Thursday, PIVXBTC actually gained 6.27% on the following trading day.
Prices are trading close to the key technical support level at 0.0000303 (S1).
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 its 50-day moving average crossing below its 200-day moving average, PIVX/BTC has entered a so-called "Death Cross" for the first time since February 5th. Showing increasing downward momentum in the short and medium-term the "Death Cross" is known to indicate a potential bear market on the horizon.
Buying might speed up should prices move above the nearby swing high at 0.0000336 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.0000295 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Death Cross" stand out. Its common bearish interpretation has been confirmed for PIVX/BTC. Out of 5 times, PIVXBTC closed lower 60.00% 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 60.00% with an average market move of -5.77%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more