Creditbit Price Technical Analysis – Can CRBIT/BTC Recover?

April 28, 2017

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Key Highlights

Creditbit price after a move towards 0.00090BTC against the Bitcoin failed and moved down.
There was a bearish trend line with resistance at 0.00078BTC on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex), which was broken recently.
At the moment, the price is struggling to clear a major resistance area near 0.00079BTC.

Creditbit price was under pressure recently and moved towards 0.00075BTC against the Bitcoin, and now attempting a recovery.

Creditbit Price Resistance

In the last analysis, we saw how there was a bounce back in Creditbit price from 0.0008BTC against the Bitcoin. However, the upside move was limited, as the price faced sellers near 0.00089BTC and later moved down. There was a sharp downside move, as the price moved below 0.00085BTC and even 0.00080BTC. There was a new low formed at 0.00075 from where the price started a recovery.

Recently, the price broke the 23.6% Fib retracement level of the last decline from the 0.00089BTC high to 0.00075BTC low. This has provided a chance for buyers to take the price further higher. There was also a break above a bearish trend line with resistance at 0.00078BTC on the 1-day chart of CRBIT/BTC. This is another positive sign towards 0.00085BTC. However, the price needs to clear a major hurdle near 0.00079BTC.

We can say the price has to clear 0.00080BTC for another rise towards 0.00090BTC. It can at least trade towards the 50% Fib retracement level of the last decline from the 0.00089BTC high to 0.00075BTC low in the near term. On the downside, the 0.00075BTC remains a key support. Below it, the price may head towards the 0.00070BTC pivot level.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is currently in the bearish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is just below the 50 level, and attempting a move higher.

Intraday Support Level – 0.00075BTC

Intraday Resistance Level – 0.00080BTC

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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