Hig guys and gals welcome to the new update on Civic token. Almost a year ago on June 25, I posted an article on tradingview. Where I revealed that the price action of Civic token is moving in a pennant. Finally on August 2019 the price action left the pennant directionless without breaking out or breaking down
Click here to visit this old article on tradingview
The direction has changed from bears to bulls:
Now if we watch on the live chart the movement of the price action with the combination of directional movement indicator. Then positive directional indicator has crossed up the negative directional indicator. Therefore we can expect bullish rally sooner or latter. The ADX of the directional indicator is also moving up and at this time it is representing the power of bulls.
The pricline has found a strong support:
Now if we take a closer look on the chart then the price action has found strong support at 0.00000214 sats and likely to form a double bottom on the support.
As we can see that on long-term all indicators are turning bullish and the price action has also found very strong support at 0.00000214 sats, therefore, the previous targets that I defined in my previous article are still valid and those targets are as below:
The sell targets are:
1st target: 0.000038 sats
2nd target: 0.000048 sats
3rd target: 0.000059 sats
Final target: 0.000075 sats
As per the above targets, this trade has a big profit potential up to 3400%.
Civic with USD pair:
Now if we watch the movement of the price action of Civic with US dollar pair then it has completed the formation of a very big bullish butterfly pattern on the weekly chart. And at this time it is moving in the potential reversal zone of this butterfly. As per Fibonacci sequence of bullish butterfly pattern the buying and sell targets are as below:
Buy between: $0.026 to $0.0035
Sell between: $0.044 to $0.087
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As per the above targets the CVC token with US dollar pair has the potential to produce up to 2300% big gains.
Conclusion:
The price action of Civic token has turned bullish on the long term in the Bitcoin market and also in the US dollar market as well. However, on the short term we can see some up and downward moves. Therefore for the short term, we should use some stop-loss strategies to minimize the risk factor.