Civic has formed a double bottom on September 12, when price touched the bottom at bcc 0.00001581. Then, slowly but steadily CVC started to outperform the Bitcoin, while still trading within the descending channel.
But today, finally, it broke above the channel, signaling on a potential trend reversal. Today alone, CVC gained over 11%, and currently trading near 2400 satoshis area. While the trend could be turning bullish, yet Civic has to break above the midline of the descending channel, which currently acting as the resistance. While the trend line is holding, downside correction can be expected, and even the downtrend continuation. Price can go further down, as low as 1000 satoshis physiological support level.
However, on the upside, if the trend line resistance will be penetrated, Civic is likely to show strong gains in the near term future. It could reach one of the Fibonacci resistance levels, first being at 3800 level, and second 5800.
Currently, trade volume remains very low, which might suggest that Civic will either consolidate or even go to the new all-time low. Therefore, waiting for the strong increase in volume, along with the break above the trend line can be the way to go when trading CVC/BTC.
But today, finally, it broke above the channel, signaling on a potential trend reversal. Today alone, CVC gained over 11%, and currently trading near 2400 satoshis area. While the trend could be turning bullish, yet Civic has to break above the midline of the descending channel, which currently acting as the resistance. While the trend line is holding, downside correction can be expected, and even the downtrend continuation. Price can go further down, as low as 1000 satoshis physiological support level.
However, on the upside, if the trend line resistance will be penetrated, Civic is likely to show strong gains in the near term future. It could reach one of the Fibonacci resistance levels, first being at 3800 level, and second 5800.
Currently, trade volume remains very low, which might suggest that Civic will either consolidate or even go to the new all-time low. Therefore, waiting for the strong increase in volume, along with the break above the trend line can be the way to go when trading CVC/BTC.