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 and 6700 satoshi which are Fibonacci retracement levels applied to the corrective wave after the descending channel breakout.
It Civic manages to break above 6700 satoshi resistance, it could mean that the trend, in fact, is reversing, while if any of the resistance levels will be rejected, a corrective wave down or a continuation of the downtrend could take place. At this point, only a break and daily close below the 1520 support could invalidate bullish outlook.
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 and 6700 satoshi which are Fibonacci retracement levels applied to the corrective wave after the descending channel breakout.
It Civic manages to break above 6700 satoshi resistance, it could mean that the trend, in fact, is reversing, while if any of the resistance levels will be rejected, a corrective wave down or a continuation of the downtrend could take place. At this point, only a break and daily close below the 1520 support could invalidate bullish outlook.
Comment:
Civic broke above the moving average
Trade closed: target reached
Comment:
As resistance broken it is likely to move higher
Comment:
As expected, moving higher...
Comment:
Civic rejecting the final upside target which is now acting as a resistance, this could mean the continuation of the uptrend.