Creditbit Price Technical Analysis – CRBIT/BTC Slow Uptrend

April 12, 2017

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Key Highlights

Creditbit price traded towards the 0.0012BTC level against the Bitcoin and found resistance.
There is an expanding triangle with support at 0.0010BTC formed on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex).
The price is currently heading lower, and may soon find support near 0.0010BTC.

Creditbit price remained in an uptrend with support at 0.0010BTC against the Bitcoin, and now CRBIT/BTC is heading towards a consolidation.

Creditbit Price Support

There was a dip recently in Creditbit price against the Bitcoin towards 0.00095BTC where it found support. Later, the price moved higher, and traded above the 50% Fib retracement level of the last decline from the 0.00108BTC to 0.00095BTC. It prompted more gains, and pushed the price towards the last swing high of 0.00108BTC. Later, there was a break above the mentioned high, and the price moved above 0.0010BTC.

There was a move towards the 1.236 extension of the last decline from the 0.00108BTC to 0.00095BTC. The price traded as high as 0.0012BTC where it found resistance and moved down. The price is already moved below the 23.6% Fib retracement level of the last wave from the 0.00095BTC low to 0.0012BTC high. Currently, there is an expanding triangle with support at 0.0010BTC formed on the 1-day chart of CRBIT/BTC.

The triangle support also coincides with the 61.8% Fib retracement level of the last wave from the 0.00095BTC low to 0.0012BTC high. So, if the price dip towards 0.0010BTC, it may find support. There is a high probability that the price may soon test the 0.0010BTC support and move higher. On the upside, the most important resistance is near 0.0010BTC. In the short term, we may continue to see ranging moves.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is currently moving lower and showing slight bearish signs.

Hourly RSI – The RSI for the CRBIT/BTC pair is heading towards the 50 level.

Intraday Support Level – 0.0010BTC

Intraday Resistance Level – 0.0011BTC

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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