Thursday starts with the analysis of PIVX. This coin is in a negative territory and is not taking a part in recent recovery of the crypto market. We are not surprised about that, as in our previous piece about this altcoin, we were very bearish, saying this:
„Most probably, we should see the breakout and the further drop but it all depends from the price action on the current support. Any bullish formation like an engulfing or a hammer will deny the sell signal and will bring a ray of hope for the demand. „
That was written on the 13th of June, when the price was on the 2,6 USD. After this, we saw a huge decline and the PIVX reached local lows slightly above the 1,6 USD in the middle of July. Indeed a great call. As we said in the very beginning, the price is not going higher in the past few days. Buyers tried to create an inverse head and shoulders formation but failed to break the neckline, again. With this bounce from the yellow area, the sentiment is still negative and we should see new lows soon.
Only the price breaking the yellow area will be a good buy signal but chances for that are now limited.