FREE CRYPTO INDEX ANALYSIS UPDATE
CIX wide range trading is not over yet
- Yello, ladies and gentlemen !
One of our expected CIX scenarios came true, and we already witnessed a 17.43% correction. What is important is that CIX has approached the 61.8% Fibonacci retracement level along with the simple uptrend trendline. Therefore, the 242.000 area can become strong support, but we need a few more days to see whether this area will be defended by the bulls.
It is important to note, that CIX is now trading within a wide price range, between 200,000 support and 280,000 resistance. Yet, CIX is producing higher highs and higher lows, validating a long-term uptrend.
If bulls will dominate and the 242.000 demand zone will be respected, we are likely to see a continuation of an uptrend. Alternatively, upon the break below the current support and the trendline, CIX can potentially decline towards the next key support at 220,000.
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