Creditbit Price Technical Analysis – CRB/BTC Consolidates Above Support

Key Highlights

• Creditbit price remained under pressure mostly, but held the 0.00016BTC support against Bitcoin.
• There is a consolidation triangle pattern forming with resistance near 0.00017BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
• On the downside, the price has a decent support forming near the 0.00016BTC level.

Creditbit price managed to avoid further declines against the US Dollar and Bitcoin, and now CRB/BTC is consolidating above the 0.00016BTC level.

Creditbit Price Support

Recently, we saw downsides moves in Creditbit as its price traded below the 0.00018BTC level against Bitcoin. The price was under a lot of pressure and even traded below the 0.00016BTC level. Later, there was a minor bounce and the price started trading above 0.00016BTC. It seems like the price is trading in a tiny range and consolidating losses above 0.00016BTC.

There is a consolidation triangle pattern forming with resistance near 0.00017BTC on the 7-day chart of CRB/BTC. It might act as a catalyst for the next move either above 0.00017BTC or below 0.00016BTC. Recently, there was a break above two connecting bearish trend line at 0.000165BTC, which has increased chances of more gains. A break above the triangle resistance and the 23.6% Fib retracement level of the last decline from the 0.00020BTC high to 0.000156BTC low is needed.

Looking at the price of CRB to US Dollar, there is a base support forming above $0.40. However, there is no matching consolidation pattern and the price is mostly bearish below $0.50. A bounce back above $0.48 is needed for a recovery. On the downside, a break and close below $0.40 could ignite further declines in the near term towards $0.35.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair is currently nearing the oversold readings, but with no sign of a recovery.

Intraday Support Level – 0.00016BTC

Intraday Resistance Level – 0.00017BTC

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.

<!–

–>