Creditbit Price Technical Analysis – CRBIT/BTC Range Trading

April 19, 2017

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Key Highlights

Creditbit price after trading towards the 0.00088BTC level against Bitcoin found support.
There is a major horizontal resistance at 0.00090BTC formed on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex).
The price is currently trading in a range with resistance band near 0.00090-92BTC.

Creditbit price did not move much during the past two days against the US Dollar and Bitcoin, and CRBIT/BTC is now trading in a range.

Creditbit Price Resistance

After a lot of swing moves in Creditbit price against the US Dollar and Bitcoin, the price is now stable. It is mostly trading in range with support above 0.00085BTC and resistance at 0.00090-92BTC. Recently, there was a dip towards the 0.00088BTC level where the price found support and later managed to recover. There was a decent upside move, as the price traded above the 23.6% Fib retracement level of the last decline from the 0.00121BTC high to 0.00088BTC low.

However, the upside move remained capped by a major resistance near 0.00090-92BTC. There is a crucial horizontal resistance at 0.00090BTC formed on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex). It is the range resistance acting as a hurdle for more gains. Above it, the next hurdle could be at 0.0010BTC. Sellers may also take a stand near the 38.2% Fib retracement level of the last decline from the 0.00121BTC high to 0.00088BTC low.

On the downside, there is a connecting bullish trend line formed with support at 0.00086BTC. The stated level holds a lot of importance in the near term, and it won’t be easy for sellers to break it. Overall, we may see ranging moves in CRBIT/BTC before the next move.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is almost flat with no bias.

Hourly RSI – The RSI for the CRBIT/BTC pair is just around the 50 level.

Intraday Support Level – 0.00086BTC

Intraday Resistance Level – 0.00092BTC

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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