PIVXUSD closes below its opening price unable to hold early session gains
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
PIVXUSD ended Saturday at 0.5996 edging higher $0.0062 (1.04%). Trading $0.0101 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXUSD as at Dec 08, 2018):
Saturday's trading range has been $0.0272 (4.49%), that's far below the last trading month's daily average range of $0.0674. 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 PIVXUSD.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After having been unable to move above 0.6070 in the prior session, PIVX/USD ran into sellers again around the same price level today, failing to move higher than 0.6163. The last time this happened on November 27th, PIVXUSD actually gained 16.77% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 0.5531 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for PIVX/USD. Out of 256 times, PIVXUSD closed lower 51.56% 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 eight trading days, showing a win rate of 48.05% with an average market move of 1.46%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more