Red zones are heavy support zones. Green zones are next legs up and resistance areas. We want to see price discovery in the blue zone. After a relatively bloody day for mostly all of the crypto realm on Friday 1/8/21 we are seeing CVC gather itself into a consolidation pattern. Positives is that CVC really didn’t fall to far down from its recent high showing strong BUY support. Currently the buy/sell ratio is 50/50. My thought is that CVC is coiling up here and will be testing the price discovery blue zone sooner than later. Keep your eye on the volume. This could be a good opportunity to get in with very promising risk/reward. Just my thoughts, not financial advice. What do you think?
Volume has dried up massively today to almost non existent levels with very little price action as CVCUSDC consolidates/hovers around .16 cents. I view this as a bullish sign. I expect breakout to new levels in the near future. I'm HODL. I believe this is one to hold on to for awhile. I think there is great potential for CVC to go well above .25 cents in the long term as they have a great product and right now only about a 100 million market cap. I believe they deserve a much higher cap and that it will come in time. Buy the dips.
Oakeso1
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Looks like price might be stabilizing. Starting to creep up.
Oakeso1
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agree that CVC is on the road higher. I see that volume has dried up over the last 24 hours with a nice consolidation going on. Lost approximately 20% during the correction but the descent was slow and orderly and in reduced volume which tells me there is strong support for CVC. I agree that the 20 percent decline could have been much worse. I would be buying right now.
T-Knox
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@Oakeso1, little dip down here but looking like it is bouncing right of previous low. Watching closely. If it breaks that previous low it could go down to .13. We shall see but I’m still bullish
Oakeso1
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@T-Knox, I will be surprised if it goes down to .13 based on the price action. But if it does I'll be stocking up. Definitely long on this one.
Oakeso1
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@T-Knox, I like the back story on CVC = Identity Protection. Couldn't ask for a more compelling story in these times and it's why I am long.
@Oakeso1, increased sell pressure. Hopefully the bulls come in a flip the script today.
Oakeso1
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@T-Knox, There seems to be continued strong support at .15 after a failed breakout attempt yesterday. I think part of what may be holding CVC as well as DNT back is that there are too many big boys - BTC, ETH, MKR, etc - that are taking up all the oxygen in the room with their incredible bull runs and new ATHs. But I have a theory - as the big boys go higher and higher, the risk of a major pullback grows. I think FOMO may be driving the market at This point. This could drive people to take some profits and look for things that have lagged the market with more room to run. But the question is, how much longer can BTC, ETH, etc, continue to run at this pace? It can't go on forever.
But, it seems to me that CVC and DNT have a good risk/reward ratio at this point. Both have had about a 50% pullback from their most recent breakouts with strong support at this level - .15 for CVC and .13 for DNT. Both are consolidating on low volume. The chances that they could drop below .10 cents to me seems doubtful, so there is little risk with potentially great reward. But I am long on both CVC and DNT. Now they could be rangebound for awhile as they form new bases and consolidate. But I do believe opening a position now, and buying dips, will see a reward longer term. Volatility will be high no doubt. But at .15 and .13 it just doesn't make sense to not buy a little and sit on it for awhile.
T-Knox
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@Oakeso1, yeah totally agree. The next levels down on CVC are .1340 and .1308. It’s not necessarily a bad thing if it retested these levels. Healthy consolidation and accumulation get ready to test new highs.