Civic Found The Resistance, Break Above Is Needed

Following the previous idea on Civic, the price reached the first resistance level 127.2% Fibonacci retracement, that is at $0.41, but failed to break above, instead, it has bounced off. After the resistance has been rejected CVC/USD went down again testing the $0.25 support. The support also has been rejected and now Civic continues to trade within the $0.26-0.40 range.

In order for Civic to continue moving higher, it must break above the resistance, specifically, the high established on 5th of December, $0.44. Break, and daily close above should confirm the uptrend and most likely will establish the uptrend.

There are few resistance levels on the way up to the finalĀ upside target at $0.8 area. The first resistanceĀ is at $0.55, that is 227.2% Fibs applied to the first corrective wave after the descending channel breakout. Second, 327.2% at $0.68. The upside target is seen at $0.8 area that is inline with 427.2% and 127.2% Fibs. Break above the upside target could accelerate the uptrend even more. But on the downside, break and daily close below the $0.21 low, will invalidate bullish outlook.

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