Market Overview for PIVX/Bitcoin (PIVXBTC) as of 2025-11-08

Summary

• PIVXBTC declined sharply overnight, breaking key support and reaching a 24-hour low of 2.44e-06.
• Momentum weakened as RSI and MACD signaled bearish pressure and oversold conditions.
• Volatility expanded during the drop, with price trading near the lower Bollinger Band for several hours.
• High volume confirmed the breakdown, especially during the early morning sell-off.
• A possible bullish bounce emerged near 2.52e-06, but strength remains uncertain.

Opening Narrative

PIVX/Bitcoin (PIVXBTC) opened at 3.13e-06 on 2025-11-07 12:00 ET, hit a 24-hour high of 3.14e-06, and closed at 2.61e-06 by 12:00 ET on 2025-11-08. The total volume traded was 1,308,736.0, and the total turnover amounted to 3.059 BTC-equivalent, reflecting a bearish 24-hour session.

Structure & Formations

The price structure for PIVXBTC displayed a sharp bearish breakdown from key resistance around 3.13e-06, with a strong bearish engulfing pattern forming after a morning high. A deep pullback near 2.52e-06 suggested a potential support area, though no strong reversal pattern has emerged yet. A doji near 2.83e-06 indicated indecision early in the session.

Moving Averages

Short-term momentum has shifted bearishly, with the 15-minute 20- and 50-period moving averages crossing lower. On the daily chart, the 50-period MA has moved below the 100-period and 200-period MAs, reinforcing a broader bearish bias.

MACD & RSI

MACD turned bearish early in the session, with the histogram shrinking as momentum waned. RSI hit oversold territory below 30 during the morning sell-off, suggesting potential for a near-term bounce, though without a strong reversal signal, bearish continuation remains likely.

Bollinger Bands

Volatility increased significantly during the breakdown, with the lower Bollinger Band expanding to accommodate the move toward 2.44e-06. Price has since stabilized around the lower band again, indicating continued bearish pressure and potential for further downside.

Volume & Turnover

Volume surged during the early morning sell-off, particularly from 04:45 ET to 06:00 ET, confirming the breakdown in price. Turnover also spiked during this period, aligning with the price action. A divergence later in the session suggests some short-covering or profit-taking near 2.52e-06.

Fibonacci Retracements

Fibonacci levels from the recent swing high at 3.14e-06 to the low at 2.44e-06 show 2.66e-06 as the 38.2% retracement and 2.76e-06 as the 61.8% level. Price is currently consolidating near 2.61e-06, suggesting a potential bounce or test of the 38.2% level if buyers enter.

Backtest Hypothesis

To validate the potential of a bounce near the 38.2% Fibonacci retracement, a backtest could be run using a long entry at 2.61e-06 with a stop-loss below 2.55e-06 and a take-profit at 2.67e-06. This setup would be based on the RSI signaling oversold conditions and price nearing the lower Bollinger Band. The strategy could be evaluated using historical PIVXBTC data, ensuring to use the correct ticker, such as PIVXBTC.BINANCE, as advised by your data provider.