- Creditbit price after a decline, recovered and moved above the 0.0009BTC level against the Bitcoin.
- There is now a connecting resistance trend line formed with hurdle at 0.00095BTC on the 7-day chart of CRBIT/BTC (data feed from Worldcoinindex).
- It looks like the price may be forming an inverse head and shoulders with support at 0.00090BTC.
Creditbit price after a decline below 0.0008BTC against the Bitcoin managed to recover, and now may be forming an inverse head and shoulders pattern.
Creditbit Price Breakout Pattern
In the last analysis, we saw a decline in Creditbit price below the 0.0008BTC against the Bitcoin. Later, the price was able to recover, and also crawled back above the 0.00080BTC level. It also popped above the 50% Fib retracement level of the last decline from the 0.00110BTC high to 0.00067BTC low. This opened the doors for the price to move back in the bullish zone, but 0.00095BTC is acting as a major hurdle. There are clear 3-4 failures around 0.00095BTC, as there was no close above the stated level.
On the upside, we can say there is now a connecting resistance trend line formed with hurdle at 0.00095BTC on the 7-day chart of CRBIT/BTC. As long as the trend line resistance is intact, the price won’t be able to move back above the 0.0010BTC level. However, there is likely an inverse head and shoulders with support at 0.00090BTC. It is not a perfect pattern, but may give some hope to the bulls.
If they see it as a breakout pattern, they can attempt a push above the 0.00095BTC resistance. However, they also need to clear the 76.4% Fib retracement level of the last decline from the 0.00110BTC high to 0.00067BTC low.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is currently stable in the bullish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is just above the 50 level.
Intraday Support Level – 0.00085BTC
Intraday Resistance Level – 0.00095BTC
Charts from Worldcoinindex