- Creditbit price is under a bearish pressure and already moved below the 0.00040BTC support against the Bitcoin.
- There are two bearish trend lines with resistance at 0.00033BTC and 0.00035BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- On the downside, the 0.00023-25BTC area can be considered as a support in the near term.
Creditbit price declined recently against the US Dollar and Bitcoin, and CRB/BTC now remains at a risk of more declines towards 0.00020BTC.
Creditbit Price Resistance
In the last analysis, we saw a major decline from 0.00070BTC in Creditbit price against the Bitcoin. Later, the price declined further and moved below the 0.00040BTC support area. A minor correction wave was initiated, which failed near the 23.6% Fib retracement level of the wave from the 0.00070BTC high to 0.00050BTC low. After the failure, the price came under a bearish pressure and even moved below the 0.00040BTC support.
It looks like the price has trimmed most of its gains and moved below 0.00035BTC. The recent low was near 0.00026BTC from where a correction is initiated. On the upside, there are two bearish trend lines with resistance at 0.00033BTC and 0.00035BTC forming on the 7-day chart of CRB/BTC. These trend lines along with the 23.6% Fib retracement level of the wave from the 0.00050BTC high to 0.00026BTC low might act as a resistance.
Only a break above 0.00035BTC could open the doors for a test of 50% Fib retracement level of the wave from the 0.00050BTC high to 0.00026BTC low. On the downside, the next major support is at 0.00020BTC. The price moved towards the $0.70 support against the US Dollar. There are chances of CRB holding the $0.70 support, which might produce a bounce in CRB/BTC as well.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is slowly reducing the bearish slope.
Hourly RSI – The RSI for the CRBIT/BTC pair is now recovering from the oversold readings.
Intraday Support Level – 0.00020BTC
Intraday Resistance Level – 0.00035BTC
Charts from Coinmarketcap