PIVXBTC stuck within tight trading range
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
PIVXBTC ended Sunday at 0.0000320 gaining BTC0.0000005 (1.59%). Trading up to BTC0.0000004 lower after the open, PIVX/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.0000011 (3.49%), that's below the last trading month's daily average range of BTC0.0000018. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PIVXBTC. Prices continued to consolidate within a tight trading range between 0.0000311 and 0.0000325 where it has been caught now for the last three trading days.
In spite of a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on October 13th, PIVXBTC actually lost -2.38% on the following trading day. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Prices are trading close to the key technical resistance level at 0.0000327 (R1). After having been unable to move above 0.0000322 in the prior session, PIVX ran into sellers again around the same price level today, missing to move higher than 0.0000322.
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 0.0000332.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.0000311 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for PIVX/BTC. Out of 78 times, PIVXBTC closed lower 55.13% 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 60.26% with an average market move of -0.34%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more