PIVXBTC closes below its opening price unable to hold early session gains
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, PIVXBTC ended Saturday at 0.0000370 losing BTC0.0000004 (-1.07%). Today's close at 0.0000370 marks the lowest recorded closing price since May 31st. Trading BTC0.0000016 higher after the open, PIVX was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.0000372, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.0000015 below it intraday.
Daily Candlestick Chart (PIVXBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.0000033 (8.82%), that's slightly above the last trading month's daily average range of BTC0.0000030. 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 higher than usual for PIVXBTC.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns.
Unable to break through the key technical resistance level at 0.0000385 (R1), the market closed below it after spiking up to 0.0000390 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on July 26th, PIVXBTC lost -12.33% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.0000448.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for PIVX/BTC. Out of 44 times, PIVXBTC closed lower 68.18% 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 59.09% with an average market move of 6.55%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more