Creditbit Price Technical Analysis – CRBIT/BTC Declines Further

Key Highlights

• Creditbit price failed to gain momentum and declined towards 0.00030BTC against the Bitcoin.
• There is a major bearish trend line with resistance at 0.00035BTC formed on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
• On the downside, the 0.00030BTC support may play a major role for a recovery in the near term.

Creditbit price declined further against the US Dollar and Bitcoin. CRBIT/BTC broke the 0.00035BTC support and traded towards 0.00030BTC.

Creditbit Price under Pressure

In the last analysis, I mentioned that Creditbit price remains under pressure below 0.00042BTC against the Bitcoin. The price attempted a minor recovery, but failed to close back above 0.00042BTC. Also, the 23.6% Fib retracement level of the last decline from the 0.00052BTC high to 0.000334BTC low acted as a resistance. The price after a minor correction started a downside move, and broke the 0.00035BTC support.

A new low was formed below 0.00034BTC at 0.000298BTC. It looks like the price is forming a support near 0.00030BTC. However, it needs strong bids to move higher towards 0.00040BTC. On the upside, there is a major bearish trend line with resistance at 0.00035BTC formed on the 7-day chart of CRBIT/BTC. Moreover, the 23.6% Fib retracement level of the last decline from the 0.00042BTC high to 0.000298BTC low might also act as a strong resistance.

The most important resistance on the upside is around 0.00040-42BTC. The price may struggle to clear it for a move towards 0.00050BTC. Similarly, there were downsides versus the US Dollar, as the price fell towards $0.64. The $0.70 support was cleared, and a move towards $0.65 was initiated. On the upside, the $0.80 level is a major hurdle going forward.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair has reached the oversold readings.

Intraday Support Level – 0.00030BTC

Intraday Resistance Level – 0.00042BTC

 

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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