- Creditbit price after trading as high as 0.00070BTC against the Bitcoin started a correction wave.
- There is a connecting bearish trend line with resistance at 0.00050BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- The price is currently testing a major support area near 0.00040BTC, which must hold the downside.
Creditbit price started a correction against the US Dollar and Bitcoin, and CRB/BTC is now approaching a key support area around 0.00040BTC.
Creditbit Price Resistance
There was a decent wave towards 0.00070BTC in Creditbit price against the Bitcoin. Later, the price started correcting lower, and traded below a few supports like 0.00060BTC. First, the price was able to break the 23.6% Fib retracement level of the last wave from the 0.00020BTC low to 0.00070BTC high. It opened the doors for more declines towards 0.00050BTC.
Sellers gained traction, and as a result, there was also a break below 0.00050BTC. The price even broke the 38.2% Fib retracement level of the last wave from the 0.00020BTC low to 0.00070BTC high. However, the price is currently approaching a major support area near 0.00040BTC. The price is still in a corrective wave from the 0.00070BTC, and the 0.00040BTC holds a lot of importance. As long as the price is above 0.00040BTC, it may bounce back.
On the upside, there is a connecting bearish trend line with resistance at 0.00050BTC on the 7-day chart of CRB/BTC. A break above it may complete the correction for a move above 0.00050BTC. Looking at the moves against the US Dollar, the price is closing in towards a monster support at $1.00. Overall, it looks like CRB is testing crucial supports, and may recover in the near term.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair has slowly reduced the bullish slope.
Hourly RSI – The RSI for the CRBIT/BTC pair is testing the 50 level.
Intraday Support Level – 0.00040BTC
Intraday Resistance Level – 0.00050BTC
Charts from Coinmarketcap