23-07-2017
04:27 pm
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Creditbit Price Technical Analysis – CRB/BTC Pressured Below 0.00022BTC




Creditbit price continued to face sellers against the US Dollar and Bitcoin, and now CRB/BTC is struggling to move back above the 0.00022BTC level.
Creditbit Price Technical Analysis CRB BTC

Key Highlights

  • Creditbit price remained in a downtrend and struggled to move back above 0.00022BTC against the Bitcoin.
  • There is a short-term bearish trend line with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
  • On the downside, the 0.00018BTC level is providing support and holding losses.

Creditbit price continued to face sellers against the US Dollar and Bitcoin, and now CRB/BTC is struggling to move back above the 0.00022BTC level.

Creditbit Price Resistance

There was a new low formed in Creditbit price below the 0.00018BTC level against the Bitcoin. The price seems to be struggling to gain momentum from the 0.00020BTC support. It moved down from the 0.00022BTC swing high and broke the last low of 0.00019BTC to trade below 0.00018BTC (monthly low). There is a declining path formed for CRB below 0.00022BTC, and its price is finding it hard to form a support for an upside move.

On the upside, there is a short-term bearish trend line with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC. However, an initial resistance is around 0.00020BTC, which is around the 50% Fib retracement level of the last decline from the 0.00022BTC high to 0.00018BTC low. A close above it might call for a test of 0.00022BTC. It won’t be easy for buyers to push the price above 0.00022BTC in the near term.

Creditbit Price Technical Analysis CRB BTC

On the downside, the 0.00018BTC level is an initial support, followed by 0.00016BTC. CRB struggled against the US Dollar as well. There was a break below the $0.45 support and the price traded towards $0.32. There is a lot of pressure below $0.50, and the price might continue to decline in the short term.

Looking at the indicators:

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

Hourly RSI – The RSI for the CRBIT/BTC pair is reaching oversold levels.

Intraday Support Level – 0.00018BTC

Intraday Resistance Level – 0.00022BTC

 

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.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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