Dear Hivers,
Today I'd like to share with you a quick setup for Civic (CVC).
One note is that this trade is supposed to be played out on a shorter time frame and that is the reason why we'll be focusing mostly on 1D charts.
To see the whole picture clearly, let's look at the 1W candles:
https://charts.cointrader.pro/snapshot/uTZ5i
We can see that Civic chart looks very ugly with constantly reaching new all time lows and having hard time of finding its true bottom.
In the last 5 months it reached another all time low in price in terms of BTC with reasonable volume. The reason why this is important to know is that we need to be fairly careful with entering this trade with putting up a stop loss as we don't want to be left in dust with Civic finding bottom 90% lower from our buy in.
Let's zoom in to see the 1D candles:
https://charts.cointrader.pro/snapshot/hn9lo
Here we can see good buying volume indicating potential bounce from the support line on Fibonacci. RSI is also extremely oversold. Targets are marked with red color and manual stop loss has been placed at 0.00000199 BTC just in case Civic goes into yet another major sell-off.
Considering the extremely oversold RSI on 1W and 1D candles and that Civic has been falling for over 3 years, I think that entering between 0.00000215 BTC to 0.00000235 BTC might be a good spot to enter here short term.
Here are my targets and where I plan to take out profits:
- Target 1: 0.00000283 BTC
- Target 2: 0.00000320 BTC
- Target 3: 0.00000348 BTC
- Target 4: 0.00000382 BTC
I'd put manual stop loss at around 0.00000199 BTC as CVC still hasn't established clear bottom and we need to be careful when entering here.
That's it from me today. Tell me what you think about this idea and if you agree or disagree with it. Enjoy your day everyone and see you all soon.
Kind regards, crixus