So I randomly stumbled upon PIVX while I was checking out the privcay coin space. One thing I found very interesting is that it seemed to be holding its own vs BTC amidst this selloff.
Couple arguments for buying:
- It is still in the .236 and .382 range of the fib levels that I drew from the high of 1/23/2018 and low of 12/07/2017. This means, IF** Pivx was to 'moon' it has a long way to go before reaching its previous highs.
- It is printing a HUGE bullish engulfing candle
- 50 MA (blue) is about to cross the 200 MA (Pink
- MACD is about to see a bullish cross
The only thing that alarms me is the huge length of this daily candle which means it has a huge spread between its intraday support (.00050074) and resistance (.0006599). This kinda raises my eyebrows as there was some clear whale manipulation going on. If you zoomed into the 2 hour time frame, you can see huge green and red bodies as it sells off and then pumps and vice versa, huge pump and then equally huge selloff.
If I were to trade PIVX, I would definitely be careful of this since the price seems to be maniuplated and that could trap potential traders looking at this chart. However, if we apply some fundamental analysis and market sentiment, perhaps we can reach a more confident conclusion because the market is not manipulated 100% 24/7 (at least imo) which means eventually, if buyers see value or potential in PIVX, it will recover from these levels.
Good luck and
BTW...this is NOT FINANCIAL ADVICE. NEITHER ARE ANY OF MY OTHER POSTS.
Couple arguments for buying:
- It is still in the .236 and .382 range of the fib levels that I drew from the high of 1/23/2018 and low of 12/07/2017. This means, IF** Pivx was to 'moon' it has a long way to go before reaching its previous highs.
- It is printing a HUGE bullish engulfing candle
- 50 MA (blue) is about to cross the 200 MA (Pink
- MACD is about to see a bullish cross
The only thing that alarms me is the huge length of this daily candle which means it has a huge spread between its intraday support (.00050074) and resistance (.0006599). This kinda raises my eyebrows as there was some clear whale manipulation going on. If you zoomed into the 2 hour time frame, you can see huge green and red bodies as it sells off and then pumps and vice versa, huge pump and then equally huge selloff.
If I were to trade PIVX, I would definitely be careful of this since the price seems to be maniuplated and that could trap potential traders looking at this chart. However, if we apply some fundamental analysis and market sentiment, perhaps we can reach a more confident conclusion because the market is not manipulated 100% 24/7 (at least imo) which means eventually, if buyers see value or potential in PIVX, it will recover from these levels.
Good luck and
BTW...this is NOT FINANCIAL ADVICE. NEITHER ARE ANY OF MY OTHER POSTS.