PIVXBTC closes lower for the 4th day in a row
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, PIVXBTC ended Saturday at 0.0000315 losing BTC0.0000004 (-1.25%). Today's close at 0.0000315 marks the lowest recorded closing price since May 23rd. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.0000008 (2.5%), that's far below the last trading month's daily average range of BTC0.0000019. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently 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. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on October 6th, PIVXBTC actually gained 1.83% on the following trading day.
Prices are trading close to the key technical resistance level at 0.0000327 (R1).
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 0.0000333.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.0000311 where further sell stops might get triggered.
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 47 times, PIVXBTC closed lower 65.96% 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 61.70% with an average market move of 5.79%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more