Swissborg is a blockchain network powered by smart contracts. It allows users to exchange cryptocurrencies for a large number of fiat currencies including USD, CHF, GBP, and EUR. It is a speedy and tamper-proof network that aims to achieve price stability. CHSB is the utility token of this ecosystem. CHSB token was launched on the ETH (Ethereum) blockchain. To understand how technical analysis for CHSB looks, please read on.
On Jun 4, 2021, CHSB opened at 0.000022 BTC. On Jun 10, 2021, CHSB closed at 0.000018 BTC. Thus, in the past week, the CHSB price has decreased by roughly 18%. In the last 24 hours, CHSB has traded between 0.000018 BTC – 0.000019 BTC.
Day-Ahead and Tomorrow
Currently, CHSB is trading at 0.0000185 BTC. The price has decreased from the day’s opening price of 0.0000186 BTC. Thus, the market seems bearish.
The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish. Hence, we can expect the price to start rising.
Currently, the RSI indicator is at 52%. It faced rejection at 59% and fell to the current level. Thus, selling pressures are high for CHSB. Hence, the RSI oscillator is indicating that the price may fall further.
Besides, the OBV indicator has started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. High selling activity will exert downward pressure on the CHSB price.
In a nutshell, when we look at all three oscillators together, we can say that as of now the bears seem strong. But the positive signal given by the MACD indicator implies that probably a bearish trend reversal may occur soon. We have to wait and watch if the price rise is a temporary corrective market action or the commencement of a bullish trend.
CHSB Technical Analysis
Currently, the price is below the first Fibonacci pivot point of 0.0000185 BTC. The price may soon fall below the first support level of 0.0000183. Thereafter, we have to wait and watch if the price starts increasing.
The price has tested and fallen below the 38.2% FIB retracement level of 0.0000186 BTC. It may soon fall below the 23.6% FIB retracement level of 0.0000185 BTC. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to rise tomorrow as well.