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