PIVX Analysis – Failed iH&S formation

Second piece of the day will be about the PIVX, which was previously mentioned here on the 18^th of October, when the price was one step from a major buy signal. This is a very good lesson about the price action and patience. Professional traders are patient and very often, for the trading signal, they are waiting for a breakout or a bounce first. It will all make sense in a bit, now, check out how we concluded our last analysis:

“The second resistance mentioned in the first paragraph is the green area around the 1.72. As long as we stay below, there is a positive sentiment but I am not convinced about the buy signal. I am a bit skeptical towards those surges on the crypto market. Very often they ended with a slide so entering after only one day of rises is not the best idea on the record. „

We were close to a strong buy but buyers did not manage to break the 1.72. In other words, despite the very handsome setup, the buy signal was not triggered. Instead of that, the price reversed and set new long-term lows. Most recently, buyers tried a reversal by creating an inverse head and shoulders pattern (blue). Buy signal would be created, when the price would break the pink resistance. The things is that buyers failed to do that. Today, the price is down around -14%, which shows us a hard rejection. As long as we stay below the purple line, the sell signal is ON.