PIVXUSD closes within prior day's range after lackluster session
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
PIVXUSD finished Sunday at 0.2304 gaining $0.0009 (0.39%). Trading $0.0074 higher after the open, PIVX/USD 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 failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXUSD as at Nov 10, 2019):
Sunday's trading range has been $0.0131 (5.66%), that's below the last trading month's daily average range of $0.0233. 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.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on November 4th, PIVXUSD lost -2.45% on the following trading day.
Prices are trading close to the key technical support level at 0.2204 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.2494 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Its common bearish interpretation has been confirmed for PIVX/USD. Out of 99 times, PIVXUSD closed lower 52.53% 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 six trading days, showing a win rate of 52.53% with an average market move of 0.07%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more