PIVX/Bitcoin Market Overview

• PIVX/Bitcoin declined to 2.27e-06, forming bearish patterns and testing key support levels.
• Volatility expanded with a 16.5% intraday range, reflecting heightened uncertainty.
• Declining volume in the final hours suggests exhaustion, but large orders still visible.
• RSI near oversold territory hints at possible short-term bounce, though bearish momentum remains strong.
• Bollinger Bands widened, reflecting high volatility and price consolidation around the lower band.

Market Overview for PIVX/Bitcoin

Over the past 24 hours, PIVX/Bitcoin (PIVXBTC) opened at 2.41e-06, touched a high of 2.50e-06, and a low of 2.22e-06, closing at 2.32e-06 as of 12:00 ET. Total volume amounted to 1,024,175.0 units, while turnover (notional value) totaled 2.43 Bitcoin. The pair has shown a distinct bearish bias, with a large bearish engulfing pattern forming in the early hours of 10/29 and a potential bearish continuation pattern unfolding in late ET hours. A strong rejection from the 2.32e-06 level indicates growing bearish conviction.

Structure & Formations

Price action revealed a key bearish engulfing pattern between 21:15 and 21:30 ET on 10/28, marking a significant shift in sentiment. A key support level formed at 2.32e-06, where price found initial buying interest but failed to hold above 2.42e-06. A potential bearish continuation pattern was confirmed in late ET hours, with a long lower wick indicating selling pressure. A possible bearish flag formed from 00:00 to 03:30 ET on 10/29, suggesting a continuation of the downward move. Key support levels include 2.32e-06, 2.27e-06, and 2.22e-06.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed bearishly, confirming the short-term downtrend. The 50-period MA was at 2.35e-06 at the end of the 24-hour period, with the 20-period MA slightly below it, at 2.33e-06. On the daily chart, the 50-period, 100-period, and 200-period moving averages remain in a bearish alignment, with the 50-day MA at ~2.37e-06 and the 200-day MA at ~2.41e-06. This suggests that short-term and long-term bearish trends are aligned.

MACD & RSI

The 12/26 MACD line ended the day at a negative value of -0.015e-06, with the signal line at -0.008e-06, indicating bearish momentum. RSI dropped to 30–32 during the last 4 hours, suggesting the pair is approaching oversold territory. However, RSI did not form a convincing bullish divergence, and the MACD remained in bearish territory, reinforcing the likelihood of further downside in the near term.

Bollinger Bands

Bollinger Bands widened significantly during the early hours of 10/29, indicating increased volatility. Price closed near the lower band at 2.32e-06, suggesting oversold conditions. The standard deviation of price movement over 20 periods was at its highest of the week, reflecting increased market uncertainty. If price breaks below the 2.27e-06 level, it could trigger a further expansion of the bands and potentially a test of 2.22e-06.

Volume & Turnover

Trading volume surged during the early hours of 10/29, especially between 01:15 and 03:00 ET, with the largest spike at 01:15 ET (70,157 units). However, volume has declined in the final hours of the period, indicating possible exhaustion. Notional turnover also showed a peak during this time but declined thereafter. Price and turnover moved in alignment during the initial sell-off but began to diverge in the final 2 hours, suggesting that the move may be running out of steam.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 10/28 16:15 ET to 10/29 00:00 ET swing, the 2.32e-06 level aligns with the 38.2% retracement, and the 2.27e-06 level corresponds to the 61.8% retracement. Price briefly tested both levels but failed to hold above 2.42e-06. A break below 2.27e-06 could bring the 2.22e-06 level into focus for potential support.

Backtest Hypothesis

To test the pair's behavior, a strategy could be built around the 20-period and 50-period moving average cross for short-term trading. A sell signal would be generated when the 20-period MA crosses below the 50-period MA, and a stop-loss could be placed at the recent swing low (2.22e-06). For confirmation, traders could use a bearish engulfing pattern and RSI below 30 as entry signals. A take-profit level could be set at the next major support level (2.27e-06), with a trailing stop at 2.35e-06 to capture potential rebounds. Given the high volatility, such a strategy would require a strong risk management framework.