Key Highlights
- Creditbit price after failing to move above the 0.00070BTC resistance against the Bitcoin moved down.
- There are two bearish trend lines with resistance at 0.00040BTC and 0.00045BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- The price is trading lower, and may soon test the 0.00030BTC support area in the near term.
Creditbit price declined heavily against the US Dollar and Bitcoin, and CRB/BTC is now approaching a major support zone near 0.00030BTC.
Creditbit Price Decline
We recently saw a solid upside move in Creditbit price towards the 0.00070BTC level against the Bitcoin. Later, the price failed to sustain momentum, and started a correction below 0.00060BTC. However, the correction soon turned into a bearish wave, as the price broke the 0.00050BTC support. There was even a break below the 50% Fib retracement level of the last wave from the 0.00021BTC low to 0.00070BTC high. It ignited further losses below 0.00050BTC.
The price recently was able to break the 0.00040BTC support, which is a negative sign in the short term. On the upside, there are two bearish trend lines with resistance at 0.00040BTC and 0.00045BTC forming on the 7-day chart of CRB/BTC. As long as these trend lines are intact, there is a chance that the price may test 0.00030BTC. Once there is a break below the 76.4% Fib retracement level of the last wave from the 0.00021BTC low to 0.00070BTC high, there can be a test of 0.00020BTC.
There were declines against the US Dollar as well with a break below the $1.10 support. The downside was such that sellers cleared the $1.00 support as well. The next major support is at $0.8 where buyers may emerge.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair has moved into the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is now heading towards the oversold readings.
Intraday Support Level – 0.00030BTC
Intraday Resistance Level – 0.00045BTC
Charts from Coinmarketcap
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Creditbit price after failing to move above the 0.00070BTC resistance against the Bitcoin moved down.
There are two bearish trend lines with resistance at 0.00040BTC and 0.00045BTC […]