PIVXUSD closes above its opening price after recovering from early selling pressure
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Oct 12, 2019 | by Techniquant Editorial Team
PIVXUSD finished Saturday at 0.2651 gaining $0.0080 (3.11%). Trading up to $0.0043 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 20th, PIVXUSD actually lost -4.79% on the following trading day. Closing above Friday's high at 0.2628, PIVX/USD confirmed its breakout through the prior session high after trading up to $0.0023 above it intraday.
Daily Candlestick Chart (PIVXUSD as at Oct 12, 2019):
Saturday's trading range has been $0.0110 (4.26%), that's below the last trading month's daily average range of $0.0300. 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 bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 0.2491 (S1). After having been unable to move above 0.2628 in the previous session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 0.2651.
Though PIVX is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the nearby swing low at 0.2491 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for PIVX/USD. Out of 134 times, PIVXUSD closed lower 54.48% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.79% and BCHUSD closing 1.41% higher. On the flipside the worst performer has been ETHUSD closing -0.41% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been SCBTC surging 12.5% and BATUSD closing 3.56% higher. The worst performers of the day have been KMDBTC tanking -4.07% and ELFBTC closing -3.56% lower. Read more