PIVX looking strong here.
PIVX NEWS:
Pivx became the first proof of stake cryptocurrency to enable total transaction privacy. This was the catalyst for the latest technical breakout.
TECHNICAL ANALYSIS:
We consolidated since August in this 2.80 to 4.00 range. This is our 3rd attempt at breaking out and it has succeeded. A classic 1-2-3 break out pattern. Remember, the more a level is tested, the more likely it is to break and that’s exactly what took place over the last couple days in PIVX.
Now that we’ve broken the 4.00 resistance level, that should turn into support. We need to be aggressively long above 4.00 taking profits at our targets based on Fibonacci levels.
THE PLAY:
Long over 4.00
Target 1: 161.8% Fib level at 6.32
Target 2: 200% Fibonacci level at 7.34
The top trend line that connects price highs also comes into play around those levels, so we need to see how price reacts around our targets.
PIVX CHARACTER:
Based on PIVX’s price behavior since April, it tends to rise in price and then consolidate sideways for a couple months before taking another step. There is a stairstep pattern that seems to keep a pace based on fundamental news developments with the currency.
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!! DM me with chart requests or questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
PIVX NEWS:
Pivx became the first proof of stake cryptocurrency to enable total transaction privacy. This was the catalyst for the latest technical breakout.
TECHNICAL ANALYSIS:
We consolidated since August in this 2.80 to 4.00 range. This is our 3rd attempt at breaking out and it has succeeded. A classic 1-2-3 break out pattern. Remember, the more a level is tested, the more likely it is to break and that’s exactly what took place over the last couple days in PIVX.
Now that we’ve broken the 4.00 resistance level, that should turn into support. We need to be aggressively long above 4.00 taking profits at our targets based on Fibonacci levels.
THE PLAY:
Long over 4.00
Target 1: 161.8% Fib level at 6.32
Target 2: 200% Fibonacci level at 7.34
The top trend line that connects price highs also comes into play around those levels, so we need to see how price reacts around our targets.
PIVX CHARACTER:
Based on PIVX’s price behavior since April, it tends to rise in price and then consolidate sideways for a couple months before taking another step. There is a stairstep pattern that seems to keep a pace based on fundamental news developments with the currency.
---
!! DM me with chart requests or questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591