Creditbit Price Technical Analysis – CRB/BTC Recovers Above 0.00025BTC

Key Highlights

• Creditbit price managed to find bids near the 0.00021BTC area against the Bitcoin and started a recovery.
• There is a key bearish trend line with resistance at 0.00028BTC formed on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
• The price is currently above the 0.00026BTC support, which holds a lot of importance in the short term.

Creditbit price has started a recovery against the US Dollar and Bitcoin, and CRB/BTC now has to break the 0.00030BTC resistance for more gains.

Creditbit Price Recovery

It seems like Creditbit price formed a base above the 0.00020BTC support area against the Bitcoin. The price made a nice upside move and traded above the 0.00025BTC. The upside move was decent as the price moved towards the 0.00036BTC where it faced sellers. A correction wave is initiated from the 0.00036BTC high. There was a move below the 23.6% Fib retracement level of the last wave from the 0.00021BTC low to 0.00036BTC high.

It is currently trading above a major support area of 0.00026BTC, which holds a lot of importance in the short term. CRB is also above the 50% Fib retracement level of the last wave from the 0.00021BTC low to 0.00036BTC high. So, we can say that the price is trading above a major breakout support at 0.00026BTC. On the upside, there is a key bearish trend line with resistance at 0.00028BTC formed on the 7-day chart of CRB/BTC.

A break above the trend line resistance is needed for CRB to gain momentum towards 0.00030BTC. Once there is a break and close above 0.00030BTC, there can be a spike above 0.00035BTC.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is moving nicely in the bullish zone and showing positive signs.

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

Intraday Support Level – 0.00026BTC

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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