Trade Recommendation: PIVX
PIVX (PIVX/BTC) is another market that’s gearing for liftoff. It’s been preparing for a pump ever since it established support of 0.00013 on September 12, 2018. From that point, the market has been range bound, trading between 0.00013 and 0.00025. That means PIVX has been in accumulation for over six months. That’s more than enough time to build a base to serve as the foundation of a massive pump.
Technical analysis shows that PIVX/BTC is painting a large symmetrical triangle on the daily chart. We believe that the market will break out of the pattern soon for two reasons. First, PIVX has touched the diagonal resistance five times already. Each attempt has likely drained the strength of the supply area. It won’t take long until this resistance finally gives out.
The second reason is the creation of higher low setups. While bears continue to repel advances, bulls fight back by extending their territory. With the diagonal support getting closer to the diagonal resistance, we believe that the former will edge out the latter.
That’s because volume is on the up and up. This tells us that demand for PIVX has returned. The increase in demand will help bulls to finally take out the weakened diagonal resistance.
The strategy is to buy as close to 0.0002 support as possible. If PIVX/BTC manages to stay on top of this support, the market will likely generate the momentum to climb to our target of 0.00037.
The process may take less than a month.
Daily Chart of PIVX/Bitcoin on Binance
As of this writing, the PIVX/Bitcoin pair is trading at 0.0002252 on Binance.
Summary of Strategy
Buy: As close to 0.0002 as possible.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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