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by Seth Parker on August 27th, 2018

PIVX Analysis – One small resistance left

The last piece of the day is the PIVX, which was previously mentioned at the end of July, when the price was bouncing from an important horizontal resistance. Back in that day, the price was slightly below the 2USD and we said this:

“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.”

pivx chart

Now the price is much lower than back then, so our general outlook was fine. One thing though. Before the price dropped like a rock, it first made an upswing, which was quickly denied and was a typical false breakout pattern. Anyway, in the middle of August, the price reached local lows, slightly above the 0.85 USD. Since that, we do have a small bullish reversal. On Monday, the price is up almost 7% but we do not have a buy signal yet. What is still missing here is the breakout of the green horizontal resistance. Once the price will close a day above that resistance, we will get a buy signal. As long, as we stay below, buying is still not an option.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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