Guys, the MOON may be PURPLE just like PIVX!!!
Updated
Today we are going to take a look at PIVX, a currency with really good fundamentals and with a recent price action that makes bears' bones shake!
As you can see, the red zone is a huge resistance zone around 0.00066 where bears usually push PIVX prices down. But now we are passing by different times. The market looks bullish for BTC and the great king usually brings with him all the coins market.
Besides that, PIVX price action makes me really hopeful about it's future. Below the huge resistance, we can see there is an ascending triangle formed, which is a bullish pattern. Considering the triangle's target, once the resistance is broken we can get an upside movement until 0.009 which is more than 35% rise from the current level! But you know, since alt's season starts, this target may be just the starting point from a really long run for PIVX!
It's important to notice that, just like BTC can push us up like a rocket, it can pull us down like a meteor! Never focus only on the altcoins, always keep your attention on BTC price movements, it can blow all your analysis!
As you can see, the red zone is a huge resistance zone around 0.00066 where bears usually push PIVX prices down. But now we are passing by different times. The market looks bullish for BTC and the great king usually brings with him all the coins market.
Besides that, PIVX price action makes me really hopeful about it's future. Below the huge resistance, we can see there is an ascending triangle formed, which is a bullish pattern. Considering the triangle's target, once the resistance is broken we can get an upside movement until 0.009 which is more than 35% rise from the current level! But you know, since alt's season starts, this target may be just the starting point from a really long run for PIVX!
It's important to notice that, just like BTC can push us up like a rocket, it can pull us down like a meteor! Never focus only on the altcoins, always keep your attention on BTC price movements, it can blow all your analysis!
Note
esides price action analysis, other indicartors are really consistent for PIVX right now! In 1D chart, MACD just crossed above signal line and RSI is above 60, an important resistance! The indicators for 4h charts looks good too! MACD above signal for a while (it's a little curved down, but it's reversable ) and RSI is above 60!
Note
Let's take a look on what's happening to PIVX!Since my analysis, the price moved lower and, like I said it could do, it managed to keep above the support line of the ascending triangle. It did a false break down, but the bulls promptly brought us back to the triangle. This is a good indicator that the bulls are pulling PIVX up strong. As long as we keep above this line, we are still good to go!
After that sucessful play of the bulls, price moved up but stoped at the red line, which already act as a resistance earlier. This is normal, but bulls will have to show their strength now that we are testing again the uptrend line of the ascending triangle.
The RSI is a little oversold and MACD (on 4h chart) is getting closer to the signal line, when it crosses this line we will probably watch bulls trying to get new highs.
One last tip: when we are trading altcoins on a pair with BTC, big up movements of the king may stop alt's progress. But, when BTC calm down and make some sideway movements, than alts make their up movements usually reaching new highs! Keep purple guys!
Note
Hey, I'm back! Lets watch what PIVX have been doing as I was away:The support line of the ascending triangle have been broken by bears again (but more intensively), which could be something really bad for PIVX, but bears managed to get it back on track! Like earlier, the red line act as an important resistance and stopped bulls.
We are again inside the ascending triangle, which should be good news, but I'm starting to doubt bulls will be able to break it up (which is the easiest way).
The true good news is the green line, we saw a good support in that zone and even if bears break the ascending triangle, we may see bulls pushing PIVX up in the green line zone.
Between this two lines, is happening a consolidation zone, where price moves sideway before deciding which side to go. I think if you keep in the consolidation zone by this week, we probably will see price moving up during (and after) the CoinDesk's Consensus 2018.
Like I said in the tip in my last update: BTC price movement may confuse alt's movement and it did. Bears got stronger and broke down the ascending triangle because of a strong retracement in BTC price. Let's keep watching carefully for both price movements.
Note
PIVX price broke the ascending triangle support line again, am I still bullish? Let's see:Besides the fact that we are still above the green line I've traced in the last comment, in yellow I traced a pattern that's possibly being formed right now: an inverse head and shoulders! As you can see, the right shoulder fits perfectly with the left shoulder, if PIVX price keeps increasing and reaches the neck line, the pattern will be formed.
I believe the pattern is going to be formed for some reasons: SMA50 just crossed SMA 100 (bullish), MACD is trying to cross the signal line (bullish again) and RSI looks a little oversold (bullish 3). IMO It's a really good setup right now and the pattern is likely to be formed.
Once it's formed, bulls and bears will fight for the neck line break. If it breaks, we are going to deal again with the huge resistance red area.
Let's keep it guys!
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