- 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