PGT2
Long

Is PIVX ready for another impulse?

BITTREX:PIVXUSD   Pivx / US Dollar (calculated by TradingView)
PIVX has been showing some bullishness recently and the question is whether that trend is going to continue. Looking at the 15min chart we could be at the terminal end of a decending wedge which is usually a bullish signal in an uptrend. I am looking for a breakout from the wedge to the upside and a MACD buy signal. If that happens I'll probably buy some PIVX.

-----Again just my opinion, no trade advice------

Happy trading,

PGT2
Dec 30
Comment: Forgot to add, there should also be an increase in volume.
Dec 30
Comment: Price has reached the upper trendline of the descending wedge. We'll know soon enough which direction it'll go.
Dec 30
Trade active: Looks like a breakout to me.
Dec 30
Comment: Not a super decisive break out so if the price drops back down into the wedge, I'm exiting the trade.
Dec 30
Comment: Not looking too bad at the moment. Target is around 1.12 USD but we will see how it goes. Key is not to get greedy.
Dec 30
Comment: It's touch and go really now if price doesn't increase above 1.03 USD, I'd be more inclined to think we dealing with a downward channel instead of a falling wedge in which case I will exit the trade.
Dec 30
Trade closed manually: I've decided to sell. Price wasn't going up quickly enough because volume is too low. I think it will evolve into a downward channel. But of course I could be wrong, just don't think it's worth the risk.

Comments

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