17-08-2017
03:52 am
=

Creditbit Price Technical Analysis – CRB/BTC Testing Key Support




Creditbit price started a correction against the US Dollar and Bitcoin, and CRB/BTC is now approaching a key support area around 0.00040BTC.
Creditbit Price Technical Analysis CRB BTC

Key Highlights

  • Creditbit price after trading as high as 0.00070BTC against the Bitcoin started a correction wave.
  • There is a connecting bearish trend line with resistance at 0.00050BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
  • The price is currently testing a major support area near 0.00040BTC, which must hold the downside.

Creditbit price started a correction against the US Dollar and Bitcoin, and CRB/BTC is now approaching a key support area around 0.00040BTC.

Creditbit Price Resistance

There was a decent wave towards 0.00070BTC in Creditbit price against the Bitcoin. Later, the price started correcting lower, and traded below a few supports like 0.00060BTC. First, the price was able to break the 23.6% Fib retracement level of the last wave from the 0.00020BTC low to 0.00070BTC high. It opened the doors for more declines towards 0.00050BTC.

Sellers gained traction, and as a result, there was also a break below 0.00050BTC. The price even broke the 38.2% Fib retracement level of the last wave from the 0.00020BTC low to 0.00070BTC high. However, the price is currently approaching a major support area near 0.00040BTC. The price is still in a corrective wave from the 0.00070BTC, and the 0.00040BTC holds a lot of importance. As long as the price is above 0.00040BTC, it may bounce back.

Creditbit Price Technical Analysis CRB BTC

On the upside, there is a connecting bearish trend line with resistance at 0.00050BTC on the 7-day chart of CRB/BTC. A break above it may complete the correction for a move above 0.00050BTC. Looking at the moves against the US Dollar, the price is closing in towards a monster support at $1.00. Overall, it looks like CRB is testing crucial supports, and may recover in the near term.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair has slowly reduced the bullish slope.

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

Intraday Support Level – 0.00040BTC

Intraday Resistance Level – 0.00050BTC

 

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