PIVXUSD closes within previous day's range
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
PIVXUSD ended Saturday at 0.4371 surging $0.0125 (2.94%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PIVXUSD as at Aug 01, 2020):
Saturday's trading range has been $0.0381 (8.97%), that's above the last trading month's daily average range of $0.0296. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXUSD. Prices continued to consolidate within a tight trading range between 0.4207 and 0.4603 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 0.4392 (R1), PIVX closed below it after spiking up to 0.4603 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. PIVX/USD was sold again around 0.4603 after having seen highs at 0.4590, 0.4583 and 0.4590 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on June 9th, PIVXUSD actually gained 4.24% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the close-by swing low at 0.4207 where further sell stops could get activated. Further selling might move prices lower should the market test July's nearby low at 0.3921.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous two Highs" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for PIVX/USD. Out of 66 times, PIVXUSD closed higher 56.06% 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 62.12% with an average market move of 8.33%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more