PIVXUSD closes below its opening price unable to hold early session gains
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PIVXUSD finished Saturday at 0.2295 losing $0.0081 (-3.41%). Trading $0.0118 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 previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PIVXUSD as at Nov 09, 2019):
Saturday's trading range has been $0.0208 (8.75%), that's slightly below the last trading month's daily average range of $0.0231. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXUSD.
Prices are trading close to the key technical support level at 0.2204 (S1). The market closed back below the 50-day moving average at 0.2366 for the first time since November 1st. When this moving average was crossed below the last time on October 29th, PIVXUSD lost -3.90% on the following trading day. After having been unable to move lower than 0.2268 in the previous session, PIVX/USD found buyers again around the same price level today at 0.2286.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.2268 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 50" stand out. Its common bearish interpretation has been confirmed for PIVX/USD. Out of 33 times, PIVXUSD closed lower 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 short side has been after 10 trading days, showing a win rate of 60.61% with an average market move of -4.11%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more