PIVXUSD finds buyers again around 0.3580
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
PIVXUSD ended Sunday at 0.3688 gaining $0.0108 (3.02%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 0.3664, PIVX confirmed its breakout through the prior session high after trading up to $0.0040 above it intraday.
Daily Candlestick Chart (PIVXUSD as at Oct 18, 2020):
Sunday's trading range has been $0.0124 (3.46%), that's far below the last trading month's daily average range of $0.0213. 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. Prices continued to consolidate within a tight trading range between 0.3524 and 0.3733 where it has been caught now for the last three trading days.
Regardless of a weak opening PIVX/USD managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on September 9th, PIVXUSD gained 17.87% on the following trading day. Additionally, three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.
The cryptocurrency managed to close back above the 20-day moving average at 0.3668. Prices are trading close to the key technical resistance level at 0.3729 (R1). After having been unable to move lower than 0.3566 in the prior session, the market found buyers again around the same price level today at 0.3580.
Though PIVXUSD 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 accelerate should prices move below the nearby swing low at 0.3524 where further sell stops might get activated. As prices are trading close to October's low at 0.3368, downside momentum could speed up should PIVX mark new lows for the month.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for PIVX/USD. Out of 81 times, PIVXUSD closed lower 62.96% 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 51.85% with an average market move of -1.32%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more