Creditbit Price Technical Analysis – CRBIT/BTC Started Consolidation




Creditbit price after declining from 0.00125BTC to 0.00091BTC found support against the Bitcoin, and now CRBIT/BTC is consolidating in a range.
Creditbit Price Technical Analysis CRBIT BTC

Key Highlights

  • Creditbit price after a decline below the 0.0010BTC found support and started moving higher.
  • There was a bearish trend line with resistance at 0.00095BTC on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex), which was broken recently.
  • The price is currently consolidating in a range just around the 0.0010BTC level.

Creditbit price after declining from 0.00125BTC to 0.00091BTC found support against the Bitcoin, and now CRBIT/BTC is consolidating in a range.

Creditbit Price Range

This past week was interesting for Creditbit price, as there were swing moves towards 0.0013BTC against the Bitcoin. Later, the price found resistance and moved down sharply below 0.0012BTC. The downside was such that the price even moved below the 0.0010BTC. A new intraday low was formed just above the 0.00090BTC. The price weakened a lot, and currently attempting a short term recovery.

It has managed to correct a few points higher, and moved above the 0.0010BTC resistance. The price has also moved above the 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00091BTC low. Also, during the upside move, there was a break above a bearish trend line with resistance at 0.00095BTC on the 1-day chart of CRBIT/BTC. The price traded as high as 0.00102BTC, and again faced sellers. However, there was no downside move, and the price started trading in a range just around the 0.0010BTC level.

Creditbit Price Technical Analysis CRBIT BTC

On the upside, the next major resistance is around the 38.2% Fib retracement level of the last decline from the 0.00125BTC high to 0.00091BTC low. We need to wait and see how long the price may consolidate around 0.0010BTC before deciding the next move.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is still in the bearish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is just below the 50 level, but getting stable.

Intraday Support Level – 0.00100BTC

Intraday Resistance Level – 0.00105BTC

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

SUBSCRIBE TO OUR NEWSLETTER