We report on the spectral analysis of Circinus X-1 observed by the ASCA sat
ellite in 1998 March along one orbital period. The luminosity of the source
(in the 0.1-100 keV band) ranges from 2.5 x 10(38) ergs s(-1) at the peria
stron (orbital phase 0.01) to 1.5 x 10(38) ergs s(-1) at orbital phase 0.3.
From the spectral analysis and the light curve, we argue that Cir X-1 show
s three states along the orbital evolution. The first state is at the orbit
al phase interval 0.97-0.3 : the luminosity becomes super-Eddington, and a
strong flaring activity is present. In this state a shock could form in the
inner region of the system because of the super-Eddington accretion rate,
producing an outflow of ionized matter whose observational signature could
be the prominent absorption edge at similar to8.7 keV observed in the energ
y spectrum at these phases. In the second state, corresponding to the orbit
al phase interval between 0.3 and 0.7, the accretion rate is sub-Eddington,
and we observe a weaker outflow, with a smaller hydrogen column: the absor
ption edge is now at similar to8.3 keV with an optical depth a factor of 2.
5-6 smaller. The third state corresponds to the orbital phase interval 0.78
-0.97. In this state the best-fit model to the spectrum requires the presen
ce of a partial covering component, indicating that the emission from the c
ompact object is partially absorbed by neutral matter, probably the atmosph
ere of the companion star and/or the accreting matter from the companion.