Creditbit Price Technical Analysis – CRBIT/BTC Slides Further

Key Highlights

• Creditbit price came under renewed pressure and broke the 0.00040BTC support against the Bitcoin.
• There is a short-term connecting bearish trend line with resistance at 0.00040BTC formed on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
• On the upside, the broken support at 0.00040BTC and 0.00042BTC may now act as a resistance.

Creditbit price failed to hold important supports against the US Dollar and Bitcoin. CRBIT/BTC formed a new low and remains under pressure.

Creditbit Price Resistance

In the last analysis, I mentioned that buyers may attempt a move towards 0.00060BTC in Creditbit price against the Bitcoin. However, they failed completely, as the bearish pressure increased, and pushed the price below 0.00042BTC. There was a tiny correction, but the price struggled near the 50% Fib retracement level of the last decline from the 0.000620BTC high to 0.000405BTC low.

The downside move was such that the price was able to clear two important supports – 0.00040BTC and 0.00042BTC. Out of the mentioned two, I think a close below 0.00042BTC was significant. The price traded towards 0.00035BTC and formed a low as 0.00034BTC. At the moment, the price is attempting a short-term correction, but may face sellers near 0.00040BTC. The same level also coincides with the 23.6% Fib retracement level of the last decline from the 0.00053BTC high to 0.00034BTC low.

Similarly, there was a downside move against the US Dollar as well towards $0.70. The price spiked once towards $1.00, but failed to break it, and moved down. It broke the $0.80 support area and traded towards $0.70. Overall, the price remains under pressure, and any corrections could face sellers near $0.90.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair is currently well below the 50 level, and struggling to get going.

Intraday Support Level – 0.00035BTC

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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