PIVXUSD finds buyers around 0.8345 for the third day in a row
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PIVXUSD finished Saturday at 0.8551 gaining $0.0019 (0.22%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PIVXUSD as at Mar 16, 2019):
Saturday's trading range has been $0.0516 (5.87%), that's slightly above the last trading month's daily average range of $0.0498. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PIVXUSD.
Prices are trading close to the key technical support level at 0.8333 (S1). PIVX/USD found buyers again today around 0.8345 for the third trading day in a row after having found demand at 0.8328 in the previous session and at 0.8344 two days ago. The last time this happened on Tuesday, PIVXUSD gained 4.90% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.8328 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Its common bullish interpretation has been confirmed for PIVX/USD. Out of 69 times, PIVXUSD closed higher 56.52% 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 63.77% with an average market move of 15.34%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more