Creditbit Price Technical Analysis

Creditbit Price Technical Analysis – CRBIT/BTC In Downtrend

Avatar Aayush Jindal 3 years ago

Key Highlights

  • 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.

Creditbit Price Technical Analysis

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

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