16-08-2017
07:21 pm
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Creditbit Price Technical Analysis – CRB/BTC Settles Above 0.0005BTC




Creditbit Price Technical Analysis CRB BTC

Key Highlights

  • Creditbit price retained its bullish bias and moved above the 0.00050BTC resistance against the Bitcoin.
  • There is a decent support base forming above 0.00050BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
  • The price tested once 0.00065BTC, and may attempt a retest in the near term.

Creditbit price extended its bullish gains against the US Dollar and Bitcoin. CRB/BTC is now well positioned above 0.00050BTC for more upsides.

Creditbit Price Supports

In the last analysis, we saw a solid rise in Creditbit price above 0.00020BTC against the Bitcoin. Later, the price gained traction and moved above 0.00040BTC. It even traded above the 0.00050BTC level, and then started a minor correction. The best part is the fact that the correction was mild. The price traded towards 0.0005BTC from the 0.00065BTC swing high.

It looks like a decent support base forming above 0.00050BTC on the 7-day chart of CRBIT/BTC. The price may test the stated level a couple of times, and may bounce back towards 0.00060BTC. A break above the 0.00060BTC resistance may push the price towards a new high above 0.00070BTC. On the flip side, if there is break below 0.00050BTC, the next major support is near 0.00040BTC, followed by the all-important 0.00030BTC.

Creditbit Price Technical Analysis  CRB BTC

There was a minor correction versus the US Dollar from the $1.6 swing high. The price is following a correction path and moved below the 23.6% Fib retracement level of the last wave from the $0.55 low to $1.61 high. However, the downside move remains supported near $1.10. The most important support on the downside is near $1.00. It also coincides with the 50% Fib retracement level of the last wave from the $0.55 low to $1.61 high.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is stable in the bullish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is correcting from the overbought levels.

Intraday Support Level – 0.00050BTC

Intraday Resistance Level – 0.00060BTC

 

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.

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