PIVXBTC closes within previous day's range after lackluster session
Private Instant Verified Transaction/Bitcoin Index (PIVXBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
PIVXBTC ended Sunday at 0.0000174 flat. 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 Nov 22, 2020):
Sunday's trading range has been BTC0.0000010 (5.75%), that's below the last trading month's daily average range of BTC0.0000016. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly 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, one neutral candlestick pattern matches today's price action, the Doji.
After having been unable to move above 0.0000178 in the prior session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 0.0000177. The last time this happened on Thursday, PIVXBTC lost -1.84% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 0.0000178 where further buy stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for PIVX/BTC. Out of 327 times, PIVXBTC closed lower 54.74% 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 seven trading days, showing a win rate of 54.74% with an average market move of 1.36%.