Key Highlights
- Creditbit price started an upside move after forming a base near 0.00022BTC against the Bitcoin.
- There was a bearish trend line break noted at 0.00025BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
- The price has to settle above the 0.00030BTC resistance in order to gain traction in the near term.
Creditbit price is showing positive signs against the US Dollar and Bitcoin. CRBIT/BTC has formed a decent support and now looking to break 0.00030BTC.
Creditbit Price Support
It looks like there is a recovery mode started in Creditbit price above 0.00025BTC against the Bitcoin in the short term. There were many attempts to break 0.00022-20BTC, but sellers failed to push the price below the stated levels. As a result, there was a support base formed at 0.00022BTC, and the price started an upside move. First, it broke the 23.6% Fib retracement level of the last decline from the 0.00030BTC to 0.00023BTC.
It opened the doors for more gains above 0.00024BTC. Later, there was a break above a bearish trend line at 0.00025BTC on the 7-day chart of CRBIT/BTC. The price surged higher, and was even able to break the 61.8% Fib retracement level of the last decline from the 0.00030BTC to 0.00023BTC. It tested the 0.00029BTC resistance area where it faced offers. At the moment, it is correcting lower, but trading above a support trend line at 0.00026BTC.
As long as the price is above the trend line support or 0.00025BTC, there can be more gains. Looking at Creditbit price against the US Dollar, there was a sharp rise above the $0.60 resistance. At present, the price is attempting a break above $0.70. Once there is a close above $0.70, it could ignite more rallies in the near term.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is back in the bullish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is now above the 50 level.
Intraday Support Level – 0.00025BTC
Intraday Resistance Level – 0.00030BTC
Charts from Coinmarketcap
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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