CIVIC (CVC) Could Carve Out an Elongated Sideways Price Action
SUMMARY
CIVIC (CVC/USD) generated a cup pattern which led to the very noticeable downward wedge which is bullish. This pattern is the second most common pattern species in the Cryptosphere. Elliott Waves show the abcde (blue) completions and the subwaves provide confirmation that the labels are with confidence. The price breached the upper trend line however as it is so common for Altcoins, the resulting microwaves corrections are quite sideways.
When price travels sideways, the most applicable Wave label is either the double or triple combination. The peaks and valleys seem best fit for the wxyxz (blue) and the chart below shows that z has likely one more lower low. The white impulse waves are very tentative until the z completes.
The close alternate shows that the sideways action could continue perhaps into April or so. Recall my very frequent writeups about the "Hurry Up & Wait" syndrome. This was posted to stress how Altcoins don't yet have the liquidity maturity to process shorter corrections. The yellow, higher degree of trend, WXYXZ shows how time can be consumed by this correction well into April, May and perhaps June.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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