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.
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
