Creditbit Price Technical Analysis – CRBIT/BTC Remains Supported

Key Highlights

• Creditbit price remained in an uptrend against the US Dollar and Bitcoin.
• There is a nice connecting bullish trend line formed with support at 0.00085BTC on the 7-day chart of CRBIT/BTC (data feed from Worldcoinindex).
• On the upside, the 0.0010BTC remains a major hurdle for more gains in the near term.

Creditbit price spiked higher, but struggled a close above 0.0010BTC against the Bitcoin, and now CRBIT/BTC is testing a major support.

Creditbit Price Support

There was a sharp rise Creditbit price against the US Dollar and Bitcoin lately. It moved towards the $1.40 level against the US Dollar, and 0.0012BTC versus the Bitcoin. It gained heavy bids and remain in an uptrend. It recently traded as high as 0.0012BTC where it found sellers and moved down. Initially, there was a break below the 23.6% Fib retracement level of the last wave from the 0.0005BTC low to 0.0012BTC high.

It has put the price at a slight downside risk. The price has already moved below the 0.0010BTC handle. However, there is a nice connecting bullish trend line formed with support at 0.00085BTC on the 7-day chart of CRBIT/BTC. It is currently holding the downside move below 0.0008BTC, and preventing losses. As long as the price is above 0.0008BTC there can be a bounce back. However, if there is a downside break, the price could head back towards the 0.0007BTC. It could trade towards the 61.8% Fib retracement level of the last wave from the 0.0005BTC low to 0.0012BTC high.

On the upside, the 0.0010BTC level remains a major resistance. We need to see the upcoming price action in order for more action in the near term.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is currently struggling and remain bearish.

Hourly RSI – The RSI for the CRBIT/BTC pair is currently below the 50 level.

Intraday Support Level – 0.0008BTC

Intraday Resistance Level – 0.0010BTC

Charts from Worldcoinindex

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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