Creditbit Price Technical Analysis – CRB/BTC Spikes Higher

June 30, 2017

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Key Highlights

Creditbit price found support near a major area of 0.00020BTC against the Bitcoin and moved higher.
There was a break above a crucial bearish trend line at 0.00025BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
The price is now above 0.00030BTC and showing a lot of positive signs in the near term.

Creditbit price found support and moved higher against the US Dollar and Bitcoin, and CRB/BTC is now placed well above the 0.00030BTC level.

Creditbit Price Upside Move

During the past few days, we saw a slide in Creditbit price below 0.00040BTC against the Bitcoin. The price even moved below the 0.00030BTC support and traded towards 0.00022BTC and 0.00020BTC. The 0.00020BTC support holds a lot of importance and produced a bounce. The price started a nice recovery and moved above the 23.6% Fib retracement level of the last decline from the 0.00052BTC to 0.00021BTC low. It was the first sign of a decent recovery above 0.00024BTC.

Later, the price moved further higher above 0.00024BTC. There was a clear break above a crucial bearish trend line at 0.00025BTC on the 7-day chart of CRB/BTC. It is the second sign of an upside move from 0.00021BTC. The next major break was above the 38.2% Fib retracement level of the last decline from the 0.00052BTC to 0.00021BTC low. There were decent gains and the price moved above 0.00032BTC.

However, the upside move was protected near 0.00036BTC, which is also around the 50% Fib retracement level of the last decline from the 0.00052BTC to 0.00021BTC low. It looks like the price may dip a few points towards 0.00030BTC where it could find bids for the next rally.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is back with good momentum in the bullish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is now well above the 50 level.

Intraday Support Level – 0.00025BTC

Intraday Resistance Level – 0.00035BTC

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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