Civic (CVCBTC) looks Promising; Support can Bring Higher Levels in

Hello traders, we want to share with you a recognizable pattern on Civic against Bitcoin(CVCBTC), in which we see the potential for much higher levels.

Civic made five waves up from 0.000026 lows, which means that trend is bullish. In EW theory, after every five waves, a three-wave pullback follows. If we also consider current slow price action in three waves, right into ideal 61,8% Fibonacci retracement, then we can say that Civic has a pretty clear bullish set-up. We just need a bounce with five waves up and then we could say that a three-wave correction from highs can be completed and bulls could take the lead again. That said, be aware of a bounce around 0.000032-35 support zone and keep an eye on bullish confirmation level at 0.000049, which would confirm Bulls and could open the door for much higher levels.

Just keep in mind that, as long as it’s trading above 0.000026 invalidation level, we will remain bullish, but if it breaks below that low, then we may adjust the view.

CVCBTC, 4h

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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