Creditbit Price Technical Analysis – CRB/BTC Short-term Bearish

Key Highlights

• Creditbit price continued to face sellers and remained below the 0.00020BTC resistance against Bitcoin.
• There is a major descending channel pattern with resistance at 0.00017BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
• On the downside, the price is just holding the 0.00016BTC support.

Creditbit price was unable to recover against the US Dollar and Bitcoin, and now CRB/BTC is placed well below the 0.00020BTC level.

Creditbit Price Resistance

Recently, we saw declines in Creditbit price below the 0.00020BTC and 0.00018BTC support levels against Bitcoin. The price remained under pressure and traded few points below the 0.00016BTC level. There was no test of the 0.00015BTC level as the price managed to hold 0.000158BTC. However, the downside pressure is intact and the price may continue to remain in a short-term bearish zone below 0.00020BTC.

On the upside, there is a crucial resistance zone forming between 0.00018BTC to 0.00020BTC. Moreover, there is a major descending channel pattern with resistance at 0.00017BTC forming on the 7-day chart of CRB/BTC. The channel resistance is close to the 23.6% Fib retracement level of the last decline from the 0.00021BTC high to 0.000158BTC low. So, a break and close above 0.00017BTC won’t be easy. Above it, the 0.00018BTC to 0.00020BTC resistance levels are waiting to stop gains in the near term.

When we look at the CRB to US Dollar price, there is a decent support forming near $0.40. The price has recovered well recently, and managed to move above the $0.45 level. However, the upside is capped by the $0.50 pivot. A break above it could ignite more gains in CRB to Dollar may be towards $0.60.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is showing bearish signs.

Hourly RSI – The RSI for the CRBIT/BTC pair is currently well below the 50 level and heading lower.

Intraday Support Level – 0.00015BTC

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.

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