PIVXUSD finds buyers around 0.3644 for the third day in a row
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
PIVXUSD finished the week -0.68% lower at 0.3663 after losing $0.0073 (-1.95%) today. Trading $0.0084 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 17th, PIVXUSD actually gained 3.02% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PIVXUSD as at Oct 23, 2020):
Friday's trading range has been $0.0176 (4.71%), that's slightly below the last trading month's daily average range of $0.0208. 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.
PIVX closed back below the 20-day moving average at 0.3678. PIVX/USD found buyers again today around 0.3644 for the third trading day in a row after having found demand at 0.3658 in the prior session and at 0.3646 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.3550 where further sell stops could get activated. As prices are trading close to October's low at 0.3368, downside momentum might accelerate should the cryptocurrency mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for PIVX/USD. Out of 123 times, PIVXUSD closed higher 50.41% 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 59.35% with an average market move of 7.59%.