PIVXUSD closes within previous day's range
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
PIVXUSD finished Saturday at 0.2882 losing $0.0066 (-2.24%). 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 May 23, 2020):
Saturday's trading range has been $0.0171 (5.8%), that's slightly below the last trading month's daily average range of $0.0224. 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.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, PIVX closed lower but above the previous day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on Tuesday, PIVXUSD actually gained 0.14% on the following trading day.
Prices are trading close to the key technical support level at 0.2766 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 0.3078 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.2679 where further sell stops could get activated. As prices are trading close to May's high at 0.3213, upside momentum might accelerate should PIVX/USD mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for PIVX/USD. Out of 14 times, PIVXUSD closed higher 71.43% 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 50.00% with an average market move of 0.51%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more