PIVXUSD closes within prior day's range after lackluster session
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
PIVXUSD ended Saturday at 1.0900 gaining $0.0300 (2.83%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXUSD as at Oct 13, 2018):
Saturday's trading range has been $0.0300 (2.8%), that's below the last trading month's daily average range of $0.1101. 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 slightly higher than usual for PIVXUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, PIVX/USD managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on August 9th, PIVXUSD actually lost -7.03% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
The market managed to break above the 20-day moving average at 1.0679 today.
Although PIVX is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the close-by swing low at 1.0300 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Its common bullish interpretation has been confirmed for PIVX/USD. Out of 11 times, PIVXUSD closed higher 54.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 72.73% with an average market move of 4.99%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more