Key Highlights
- Creditbit price is facing a lot of hurdles and recently moved below the 0.00026BTC support against the Bitcoin.
- There are two bearish trend lines with resistance near 0.00025-26 forming on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- On the downside, the price has a decent support at 0.00020BTC, which is likely to hold losses.
Creditbit price continued to decline against the US Dollar and Bitcoin, and CRB/BTC breached a major support area near 0.00025BTC for more losses.
Creditbit Price Resistance
There was no recovery in Creditbit price above 0.00030BTC against the Bitcoin. The price continued to struggle and failed to gain momentum above 0.00030BTC. As a result, there was another downside wave, and the price broke the 0.00026BTC and 0.00025BTC support levels. It even traded below the 0.00022BTC, which has opened the doors for a test of 0.00020BTC. The price may continue to decline until buyers take a stand near 0.00020BTC.
On the upside, there are many resistances forming near 0.00026BTC. There are two bearish trend lines with resistance near 0.00025-26 forming on the 7-day chart of CRB/BTC. Moreover, the 23.6% Fib retracement level of the decline from the 0.00030BTC high to 0.00021BTC low is an initial resistance. A break above the 0.00023BTC would call for a test of 0.00025BTC, which is a major hurdle.
CRB also struggled against the US Dollar, as it broke the $0.60 support zone. It traded towards the $0.50 where buyers just managed to hold losses. However, the price remains at a risk of a break below $0.5 if sellers gain momentum. On the upside, the broken support zone near $0.60 and $0.70 might act as a resistance in the near term.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is extending its slide in the bearish slope.
Hourly RSI – The RSI for the CRBIT/BTC pair is now in the oversold readings.
Intraday Support Level – 0.00020BTC
Intraday Resistance Level – 0.00026BTC
Charts from Coinmarketcap
