21-07-2017
04:22 pm
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Creditbit Price Technical Analysis – CRBIT/BTC Extended Consolidation




Creditbit price mostly traded in a range against the US Dollar and Bitcoin, and now CRBIT/BTC is forming a triangle pattern for the next move.
Creditbit Price Technical Analysis CRBIT BTC

Key Highlights

  • Creditbit price traded lower towards the 0.00080BTC level against Bitcoin where it found support.
  • There is a crucial expanding triangle pattern with resistance at 0.0010BTC formed on the 7-day chart of CRBIT/BTC (data feed from Worldcoinindex).
  • The price is currently trading near the range support area at 0.00090BTC and finding bids.

Creditbit price mostly traded in a range against the US Dollar and Bitcoin, and now CRBIT/BTC is forming a triangle pattern for the next move.

Creditbit Price Range

In the last analysis, we saw how there was a dip in Creditbit price towards 0.00080BTC against the Bitcoin. Later, the price found support and started trading in a range with resistance near 0.0010BTC. It looks like the price is currently under an extended correction phase with support above 0.00080BTC. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.00118BTC high to 0.00080BTC low.

However, the most important one is near the 0.0010BTC handle. There is also a crucial expanding triangle pattern with resistance at 0.0010BTC formed on the 7-day chart of CRBIT/BTC. It may act as a major barrier for the next move in the near term. The triangle resistance at 0.0010BTC is a pivot zone, and it won’t be easy for bulls to break it for the next move. If there is a break, then the next resistance could be near the 50% Fib retracement level of the last decline from the 0.00118BTC high to 0.00080BTC low.

Creditbit Price Technical Analysis  CRBIT BTC

On the downside, we must keep a close eye on the 0.00080BTC support. If there is a break below the triangle, there could be more declines towards 0.00070BTC.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair is currently well below the 50 level.

Intraday Support Level – 0.00080BTC

Intraday Resistance Level – 0.0010BTC

 

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 seven years 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 and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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