PIVXBTC dominated by bulls lifting the market higher throughout the day
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PIVXBTC ended the week 2.5% higher at 0.0000451 after gaining BTC0.0000013 (2.97%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.0000441, PIVX confirmed its breakout through the previous session high after trading up to BTC0.0000011 above it intraday.
Daily Candlestick Chart (PIVXBTC as at Jul 03, 2020):
Friday's trading range has been BTC0.0000016 (3.65%), that's slightly below the last trading month's daily average range of BTC0.0000022. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PIVXBTC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 16th, PIVXBTC actually lost -1.78% on the following trading day.
Buyers managed to take out the key technical resistance level at 0.0000447 (now S1), which is likely to act as support going forward.
Though the cryptocurrency is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for PIVX/BTC. Out of 132 times, PIVXBTC closed lower 59.09% 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 four trading days, showing a win rate of 60.61% with an average market move of 0.04%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are EOSUSD gaining 2.54% and XRPUSD closing 0.86% higher. On the flipside the worst performers have been ETHUSD closing -0.59% lower and BTCUSD losing -0.29%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 7.62% and ICXBTC closing 6.57% higher. The worst performers of the day have been BTGUSD tanking -8.19% and BTGBTC closing -5.0% lower. Read more