30-05-2017
07:26 am
=

Creditbit Price Technical Analysis – CRBIT/BTC Started Consolidating




Creditbit price has started a consolidation phase against the US Dollar and Bitcoin, and there is a chance of CRBIT/BTC moving higher in the near term.
Creditbit Price Technical Analysis

Key Highlights

  • Creditbit price managed to hold the 0.00040BTC support against the Bitcoin, and currently trading in a range.
  • It looks like there is a major resistance formed near 0.00052BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
  • On the downside, buyers are working hard to prevent a break below the 0.00040BTC support.

Creditbit price has started a consolidation phase against the US Dollar and Bitcoin, and there is a chance of CRBIT/BTC moving higher in the near term.

Creditbit Price Support Formation

In the last analysis, we discussed that there is a base formation in Creditbit price above 0.00040BTC against the Bitcoin. At the same time, there was a major resistance formed near 0.00060BTC. The price failed to break these levels, and mostly traded in a range pattern. There were many attempts to break the 0.00052BTC resistance area, but buyers failed to gain momentum. The same level also represents the 50% Fib retracement level of the last decline from the 0.000630BTC high to 0.000405BTC low.

When we look at the price action, there is a clear range pattern with resistance formed near 0.00052BTC on the 7-day chart of CRBIT/BTC. Similarly, there is a support base forming near 0.00040BTC. So, as long as the price is above 0.00040BTC, there is a possibility of it gaining momentum for an upside move. A break above 0.00052BTC is must in order to gain traction.

Creditbit Price Technical Analysis

In my view, the current pattern is short-term bullish, and buyers may attempt a move towards 0.00060BTC. The CRIT/USD pair also forming a similar pattern, and may soon trade above the $0.95 level and settle above $1.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is mostly flat with no real bullish momentum.

Hourly RSI – The RSI for the CRBIT/BTC pair is currently just around the 50 level with no clear direction.

Intraday Support Level – 0.00040BTC

Intraday Resistance Level – 0.00052BTC

 

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.

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.

SUBSCRIBE TO OUR NEWSLETTER