PIVX/BTC Trade Idea
Updated
Potential to make a lot of gains on this one. We're waiting for PIVX to either bounce off the current support line, or test it and bounce from the 0.618 Fib level. It seems to be obeying Fib levels really nicely and I'm hoping its no different on this occasion. If it does bounce from the Fib level, the I will look to buy in once the price has confirmed that it has broken back up above that support line. This level has already been tested once before so I' hoping it is able to bounce from it to confirm it as a solid major resistance level. The current ascending support line isn't much to trust as it is using the current price as the second point of contact, meaning that it shouldn't be used to guide our trade. Would love to see the price hit the 0.382 Fib level before taking any profit. If price breaks both current support and the 0.78 Fib level then we will reassess and start again
Note
Bounced nicely from Fib level, and is now bullish on the 1H graph. Here is a good entry pointNote
Has hit resistance but buy support looks like it'll break descending resistance. If you're trading the breakout look at 1hr chart for confirmationNote
Has really started to take off. If it can break this fib level (0.5), we will be looking to take some profits at around the 0.382 level
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.