On the 8th of December Civic bottomed out while clearly rejecting the 261.8% Fibonacci support level at 1500 satoshi. Higher highs and higher lows pattern started to emerge while CVC/BTC broke above the descending channel.
Now it seems that the trend is about to reverse, or at least there will be a strong corrective wave up. The resistance is seen at 5000, 5800...
Civic has been extremely disappointing over the past few months. I've watched this coin slip from the 40's on Coinmarketcap all the way down to the 80's. I believe CVCBTC might be on the verge of finally breaking out of the downtrend. If you want to take a chance on an early entry, right now could be a fantastic place to go long. During altcoin bull markets...
CVC looks to be in a pretty nice movement at the moment. RSI is in a positive movement and the MACD is crossing into bullish territory as well. It is currently forming a bullish flag and holding pretty nicely. About to break upwards. Target is 2750. If it fails here, look for entry at the trend line. Good luck fam!
The Bitcoin is taking over Civic since inception. The trend remains bearish but the question is how far down it will go and whether it will go down to 0? Civic is very weak indeed against BTC and with the recent wave down it could go even lower.
Fibs applied to the corrective wave after support at 5500 was broken shows, that 127.2% retracement level was broken...
The major divergence in the two lines is a bullish sign for Civic. We will be aiming for a sell at around 4,500 sats.
4,500 sats is given by previous strong resistance levels.
ANALYSIS: Long CIVIC at approximately 3,500 sats
Stop Loss: 3,300 sats
CVC is at a strong bottom at the moment and could turn bullish soon.
Buy from 3660 to 4100
Stopp Loss @ 3545
Targets
1st @ 4200
2nd@ 4350
3rd@ 4535
4th@ 4700
As we can see on a graph:
1. Sharp red candle + big volume = psychological break in minds of small long term holders
2. Touching support multiple times
3. RSI divergence
4. Break out of bear trend (LOOKING FOR)
5. Higher lows, possible inverse head and shoulders (LOOKING FOR)
+ upcoming news = signal for bull trend
Looks like CVC might be gearing up for a bounce of FIB, or a little lower off the second to last support. Buy in if price breaks below FIB and hold until it bounces back to the first resistance.
