Altcoins Analysis

Creditbit Price Technical Analysis – Can CRBIT/BTC Recover?

Aayush Jindal | April 28, 2017 | 4:30 am
Creditbit Price Technical Analysis
Altcoins

Creditbit Price Technical Analysis – Can CRBIT/BTC Recover?

Aayush Jindal | April 28, 2017 | 4:30 am

Key Highlights

  • Creditbit price after a move towards 0.00090BTC against the Bitcoin failed and moved down.
  • There was a bearish trend line with resistance at 0.00078BTC on the 1-day chart of CRBIT/BTC (data feed from Worldcoinindex), which was broken recently.
  • At the moment, the price is struggling to clear a major resistance area near 0.00079BTC.

Creditbit price was under pressure recently and moved towards 0.00075BTC against the Bitcoin, and now attempting a recovery.

Creditbit Price Resistance

In the last analysis, we saw how there was a bounce back in Creditbit price from 0.0008BTC against the Bitcoin. However, the upside move was limited, as the price faced sellers near 0.00089BTC and later moved down. There was a sharp downside move, as the price moved below 0.00085BTC and even 0.00080BTC. There was a new low formed at 0.00075 from where the price started a recovery.

Recently, the price broke the 23.6% Fib retracement level of the last decline from the 0.00089BTC high to 0.00075BTC low. This has provided a chance for buyers to take the price further higher. There was also a break above a bearish trend line with resistance at 0.00078BTC on the 1-day chart of CRBIT/BTC. This is another positive sign towards 0.00085BTC. However, the price needs to clear a major hurdle near 0.00079BTC.

Creditbit Price Technical Analysis

We can say the price has to clear 0.00080BTC for another rise towards 0.00090BTC. It can at least trade towards the 50% Fib retracement level of the last decline from the 0.00089BTC high to 0.00075BTC low in the near term. On the downside, the 0.00075BTC remains a key support. Below it, the price may head towards the 0.00070BTC pivot level.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair is just below the 50 level, and attempting a move higher.

Intraday Support Level – 0.00075BTC

Intraday Resistance Level – 0.00080BTC

 

Charts from Worldcoinindex

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