- Creditbit price continued to move down and traded below the 0.00070BTC support against the Bitcoin.
- There is a declining channel pattern with resistance at 0.00065BTC formed on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
- On the downside, there is a crucial support at 0.00060BTC, which must prevent further downsides.
Creditbit price is under pressure against the US Dollar and Bitcoin, and now CRBIT/BTC is following a declining path below 0.00080BTC.
Creditbit Price Decline
In the last analysis, we saw a major horizontal resistance at 0.000705BTC in Creditbit price against the Bitcoin. It continued to act as a hurdle for buyers, and prevented gains above 0.000705BTC. In fact, there was a downside move initiated, and the price moved below the 0.00070BTC support area. There was a failure to break the 61.8% Fib retracement level of the last decline from the 0.00090BTC high to 0.00059BTC low. It resulted in an increase in the bearish pressure below 0.00075BTC.
Similarly, there was a minor declining pattern versus the US Dollar, as it failed to settle above the $1 resistance. The price is currently below $1, and may soon attempt an upside move in the near term. However, it may struggle vs the Bitcoin, as there is a declining channel pattern with resistance at 0.00065BTC formed on the 7-day chart of CRBIT/BTC.
It might continue to prevent an upside move above 0.00065BTC. However, if the price continues to hold the 0.00060BTC support area, there are chances of a bounce back. On the upside, the channel resistance also coincides with the 50% Fib retracement level of the last decline from the 0.00069BTC high to 0.00060BTC low. So, we need to see a break above 0.00065BTC for further gains.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is in the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is well below the 50 level.
Intraday Support Level – 0.00060BTC
Intraday Resistance Level – 0.00065BTC
Charts from Coinmarketcap