Creditbit Price Technical Analysis – CRBIT/BTC Extends Recovery

Key Highlights

• Creditbit price managed to move further up and broke the 0.00027BTC resistance against the Bitcoin.
• There was a break above a bearish trend line and resistance at 0.00028BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
• At the moment, the price is consolidating above the 0.00025BTC support, which holds the key in the short term.

Creditbit price after a decent rise started consolidating against the US Dollar and Bitcoin. CRBIT/BTC may now look to move above 0.00030BTC.

Creditbit Price Resistance

In the last analysis, we noticed a couple of short term breaks above 0.00022BTC in Creditbit price against the Bitcoin. The price managed to hold gains and settled above the 0.00025BTC support. There was even a break above the 50% Fib retracement level of the last decline from the 0.000340BTC high to 0.000220BTC low. The most important move was towards 0.00032BTC.

During the upside, there was a break above a bearish trend line and resistance at 0.00028BTC on the 7-day chart of CRBIT/BTC. The pair tested the 0.00030BTC resistance, but failed to settle above it. However, it is now well positioned above the 0.00025BTC support. There looks like a consolidation pattern forming with resistance at 0.00030BTC and support at 0.00025BTC.

The price may continue to trade in a range for some time before making an attempt to break 0.00030BTC. The price also needs to break the 50% Fib retracement level of the last decline from the 0.000398BTC high to 0.000221BTC low. Once there is a proper daily close above 0.00032BTC, there can be more gains in the near term. On the downside, the 0.00025BTC support holds the key in the short term.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is almost flat suggesting consolidation.

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

Intraday Support Level – 0.00025BTC

Intraday Resistance Level – 0.00030BTC

Charts from Coinmarketcap

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