Key Highlights
- Creditbit price continued to move down and broke a major support area at 0.00020BTC against the Bitcoin.
- There is a descending channel pattern with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- The price is currently just below 0.00020BTC and looks set for more declines in the near term.
Creditbit price downside move was extended against the US Dollar and Bitcoin, and CRB/BTC is now trading below the 0.00020BTC support.
Creditbit Price Resistance
In the last analysis, we discussed the importance of the 0.00022BTC and 0.00020BTC support levels against the Bitcoin. The price recently extended the downside move and even broke the 0.00022BTC and 0.00020BTC support levels. At the moment, the price is trading just below 0.00020BTC and looks poised for further downsides in the near term. There was a failed attempt to break the 23.6% Fib retracement level of the last decline from the 0.00028BTC high to 0.00022BTC low.
The price is currently following a bearish pattern below 0.00022BTC. There is a descending channel pattern with resistance at 0.00022BTC forming on the 7-day chart of CRB/BTC It is taking the price down and may ignite bearish extension towards 0.00018BTC. On the upside, the channel resistance is also near the 23.6% Fib retracement level of the last decline from the 0.00026BTC high to 0.00019BTC low.
On the downside, the channel support is at 0.00019BTC. A break and close below it could even spark downsides towards 0.00015BTC. Similarly, CRB declined against the US Dollar as well, and traded towards $0.45. It is now below the $0.50 support, which may now act as a resistance if the price attempts a recovery.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair placed heavily in the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is reaching the oversold readings.
Intraday Support Level – 0.00018BTC
Intraday Resistance Level – 0.00022BTC
Charts from Coinmarketcap
