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 waves after the descending channels breakout. 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.
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 waves after the descending channels breakout. 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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Back at the support, but expecting to rise
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Support rejected, going higher
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First resistance level reached, need to see if it breaks above
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Resistance being rejected, need to break above to continue moving up
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Comment:
Civic broke above the first target
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Civic at the support