Viktor Karapetjanc
Crypto Post
After Civic has found the bottom at $0.15, price went up and broke above the downtrend trendline, reaching $0.21 high. Then price went down hitting 78.6% Fibonacci retracement level support at $0.16, which has been rejected along with the uptrend trendline.
The next wave up resulted in a new higher high and break above the 50 Moving Average, suggesting that the correction upwards might continue. CVC/USD is expected to move higher, targeting 38.2% Fibonacci level at $0.28, that is also confirmed by the 227.2% Fibs applied to the corrective wave down after the trendline break.
If $0.28 resistance is broken, CVC could go higher, towards 50% Fibs at $0.32 or even 61.8% Fibs at $0.36. On the other hand, if $0.28 resistance is rejected, the downtrend continuation or consolidation could begin.
While the corrective wave up is anticipated, the downside risk still remains valid, where break and close below the $0.15 support would invalidate bullish outlook.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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