PIVXUSD closes higher for the 2nd day in a row
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PIVXUSD ended Saturday at 0.3234 gaining $0.0217 (7.19%). Closing above Friday's high at 0.3165, the market confirmed its breakout through the previous session high after trading up to $0.0214 above it intraday.
Daily Candlestick Chart (PIVXUSD as at Nov 21, 2020):
Saturday's trading range has been $0.0362 (12.0%), that's above the last trading month's daily average range of $0.0282. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 16th, PIVXUSD actually lost -2.71% on the following trading day.
After spiking up to 0.3379 during the day, the cryptocurrency found resistance at the 50-day moving average at 0.3340.
Although PIVX is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to November's high at 0.3454, upside momentum could speed up should PIVX/USD mark new highs for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for PIVX/USD. Out of 161 times, PIVXUSD closed lower 57.14% of the time on the next trading day after the market condition occurred.