PIVXBTC dominated by bulls lifting the market higher throughout the day
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
PIVXBTC ended Saturday at 0.0000174 gaining BTC0.0000014 (8.75%) on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.0000165, PIVX/BTC confirmed its breakout through the prior session high after trading up to BTC0.0000013 above it intraday.
Daily Candlestick Chart (PIVXBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.0000020 (12.5%), that's slightly above the last trading month's daily average range of BTC0.0000017. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXBTC.
Despite 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 November 10th, PIVXBTC actually lost -8.96% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
After having been unable to move lower than 0.0000157 in the prior session, PIVX found buyers again around the same price level today at 0.0000158.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six 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 82 times, PIVXBTC closed lower 57.32% 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 63.41% with an average market move of -1.50%.