Civic Analysis-CVC/BTC

1 mar 2019

Bullish case:

As one can observe in the chart that the pair has been trading in tight range which seem like an accumulation zone near the old support level(green bar).It has surged 50%+ from this zone and touched the preliminary resistance level around 1906 satoshi.

It needs to test and break the 1200+ satoshi level and break the preliminary resistance level around 1900+ satoshi to confirm bullish sentiments. Also, it has been testing the 200D-SMA (Simple Moving Average) after breaking it.
Simply put, if someone wants to buy then once can buy near 1200 satoshi level for targets around red bars or upcoming resistance levels. However, risk taker can enter near 1300 satoshi level for long term benefits.

Bearish Case:

The only Bearish argument for the pair is not breaking the 1900 satoshi resistance level, which could be early signs of bears and breaking the 1200 satoshi level support would be strongly bearish for the pair.
Simply put, if someone bought between 1200 and 1300 satoshi levels then stop loss should be below 1000 satoshi level.