Civic – Ready, Steady… Go!?!

Civic definitely found the support around $0.26 area where it has bounced off for at least four times now. The last bounce has been on the 17th of November, after which price broke above the descending channel and 200 Moving Average.

This wave up could be followed by another impulsive move north as it was the first time since 4th of October when CVC/USD managed to break and close above the channel and the moving average.

The price action does suggest that Civic is ready to revers to produce a new all-time high. The very strong resistance is at $0.83 area that corresponds with two Fibonacci retracement levels applied to the corrective wave after the descending channel breakout and all time high resistance area and support. However, there are few obstacles on the way such as first resistance at $0.4 and $0.6 areas.

The downside move could only continue if Civic will manage to close below the $0.25 support.

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