As we can see on a graph:
1. Sharp red candle + big volume = psychological break in minds of small long term holders
2. Touching support multiple times
3. RSI divergence
4. Break out of bear trend (LOOKING FOR)
5. Higher lows, possible inverse head and shoulders (LOOKING FOR)
+ upcoming news = signal for bull trend
Looks like CVC might be gearing up for a bounce of FIB, or a little lower off the second to last support. Buy in if price breaks below FIB and hold until it bounces back to the first resistance.
Last red candle on the 1hr chart has a long lower wick and lots of volume. To me this signals a good entry point and the final dump off before climbing higher. Lower wick on that candle was confirmed by bullish action on the next. RSI is also looking good.
I do not support anyone’s choice to invest in CVC due to the uncertainties of the market at the minute due to Bitcoin.
Any choice you make is yours, and I do not have confidence in this graph.
CVC was just added to poloniex, after the usual first gap it bounced and it is starting an uptrend, a fundamental indicator that it might be a long solid uptrend coming.
Besides that, we have a clear ascending triangle supported by a Fibonacci retracement level and the uptrend MA.
The STOCH and RSI show a healthy movement to the positive area which indicates a...
![CVCBTC: [WATCH SIGNAL - 1:22 RISK:REWARD] CVC/BTC ascending triang](https://s3.tradingview.com/k/KDHvunDf_mid.png "[WATCH SIGNAL - 1:22 RISK:REWARD] CVC/BTC ascending triang")
