Good Afternoon Everyone!
Here is your daily dose of Technical Analysis on Bitcoin and Civic today!
Disclaimer: This is not financial advice
BTC Technical Analysis
Alrighty, so what to say here other than... 9,300 needs to hold! Thats basically it, we have multiple muddled signals going on everyone, in my opinion the majority are bearish and pointing to a lower low than the previous but we will see. This current level thats been a battle ground all day needs to hold and preferable move upwards with some ascending volume. The range trade at tat point would be long from 9,300 with profit being taken around the 11,500-11,700 range.
There is a bit of an ascending triangle forming as well which is a bullish confirmation however I have seen it drawn as an ascending wedge depending on the exchange being looked at so by all means it could just as easily be a bearish pattern. Again as always we wait for confirmation before hopping into the markets a daily close above 9300 will be bullish where as a close below will result in myself become a short term bear playing the markets accordingly.
Ichimoku cloud is proving to have some resistance points as well. We tried to push up past the cloud where it made its kumo cloud twist and were denied hard at the 11,700 level coming from previous resistance and support levels going all the way back to January. With Ichimoku watch for your signs be it a tk cross or a cloud breakout or what ever they be, use the signals and trade accordingly. Really the biggest issue here is the 9,300 level holding
Civic Technical Analysis
Civic is an alt that came out a little while ago and is taking on the identity verification industry to provide people with information regarding their background and work experience and being verified as such. This doesn't seem to be a big problem in the west so much but I guess overseas you have people claiming to be such and such with no verification and being hired based on word of mouth evidence so I can see where the need might come in for this technology.
Civic started out around 0.09 cents and civic has now risen to right around 0.30 cents, a nice 3x increase in the price when compared to USD. That being said CVC has been falling since then making its way down from the ath's of 12,000 Sats down to about 3,000, a very respectable 78.6 retracement after the massive run we had with alts in December.
We have some bullish divergence that has formed as well on the rsi since the beginning of February showing signs of life. We were also sitting in oversold territory for quite a while making our way downward, now however we have made our way back up. We broke the overall trendline on the RSI but failed to hold and fell back into it. I am waiting for the trendline to be broken with price, the rsi to break the trendline and then the 50 mark, and I'm watching for volume to come in for additional confirmation. That being said it is at a decent level for a long term risk to reward ratio so if you were thinking about picking up CVC by all means take a look and see what you think!
Civic ICO INFORMATION
