CVC is currently trading at 0.0005976 (approx 50%) of ATH (Dark Red line).
I have drawn the key levels in dotted red. The thicker red line at 0.00005465 is a strong support as it has been tested 7 times in the past month.
On the 1 hour chart price is ranging between 0.00005880 & 0.00006407 so buying small amounts on the 0.00005870 is currently a good price.
SL: 0.00005026 (below the Christmas low)
Target: 0.00009483. Consider taking profits at the key resistance levels (red dotted lines) on the way up.
I cannot see any strong buy signals from the indicators (cloud, , ) currently on chart. Will continue to monitor and update.
Price is now 450% down from its high in 2017. I think this will pump hard as it has previously done once altcoins are back in favour, probably following a decent BTC run.
In meantime I will keep an eye on:
- Previous accumulation zone shown in the blue box (bottom is ATL at .00001450)
- How price responds to the support / resistance channel (black lines)
- Bullish divergence being created on the 8HR Chart
- Volume is still very low and on a downtrend so still waiting for signs before placing further positions...
- RSI broke a new recent high on the 8th. Now fallen back to below the 50.
- Price was printing new highs on the 10th but has subsequently failed to do so indicating that a bearish pennant might be forming - leading to more downside movement
- Volume during the breakout was high but ultimately the candle was red and subsequently the volume has declined.
I am no expert on the Pitchfork but have drawn one in to see where the center of the downward trend is.
Look out for:
- Price to likely drop further, ideally finding support at the previous buy zone indicated. (now shown in green).