Creditbit Price Technical Analysis – CRBIT/BTC Starts Recovery

Key Highlights

  • Creditbit price after a decline towards the 0.00022BTC against the Bitcoin found support and started a recovery.
  • There was a break above a bearish trend line at 0.00027BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
  • On the upside, we need a break above the 0.00035BTC resistance for further gains in the near term.

Creditbit price managed to gain bids against the US Dollar and Bitcoin. CRBIT/BTC is now trading above the 0.00025BTC resistance and might head higher.

Creditbit Price Support

In the last analysis, we saw a channel resistance is at 0.00028BTC and 0.00027BTC in Creditbit price against the Bitcoin. The price was seen struggling to break the mentioned resistance. As a result, there was a minor dip back towards 0.00022BTC before there was a support formed and the price started a recovery. The upside move was positive, as the price was above the break the 0.00025BTC resistance as well.

There was a break above a bearish trend line at 0.00027BTC on the 7-day chart of CRBIT/BTC, opening the doors for upsides. Furthermore, the 38.2% Fib retracement level of the last decline from the 0.000398BTC high to 0.000221BTC low was also cleared. These all are positive signs, as the price is now above the 0.00025BTC resistance.

Creditbit Price Technical Analysis

On the upside, there is a tiny connecting bearish trend line with resistance at 0.00030BTC. Once it is breached, there can be more gains towards 0.00040BTC. On the downside, the broken trend line at 0.00028BTC is currently acting as a support. Moreover, the 0.00025BTC level is also a major support, followed by the 0.00022BTC base. As long as the price is above these, there can be a move towards 0.00040BTC.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair has just moved into the bullish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is now above the 50 level, but struggling.

Intraday Support Level – 0.00025BTC

Intraday Resistance Level – 0.00030BTC

Charts from Coinmarketcap

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Source: Newsbtc