Key Highlights
- Creditbit price after a rise towards the 0.00030BTC resistance failed to maintain the bias against the Bitcoin.
- There was a break below a bullish trend line with support at 0.00027BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- The price is now retesting the most important support zone near 0.00022BTC.
Creditbit price failed to overtake offers on the upside against the US Dollar and Bitcoin, and CRB/BTC is now back trading near the 0.00022BTC support.
Creditbit Price Decline
In the last analysis, we saw a rise above 0.00025BTC in Creditbit price against the Bitcoin. Later, the price traded towards the 0.00030BTC level where it faced a strong selling interest. The barrier was such that it ignited a downside move in CRB below 0.00028BTC. During the downside move, the price broke the 23.6% Fib retracement level of the last wave from the 0.00023BTC low to 0.00029BTC high. Also, there was a break below a bullish trend line with support at 0.00027BTC on the 7-day chart of CRB/BTC.
These breaks ignited a downside wave, as the price even broke the 61.8% Fib retracement level of the last wave from the 0.00023BTC low to 0.00029BTC high. The price is now trading around the most important support zone near 0.00022BTC. It attempted a recovery on a couple of occasions, but got blocked by a bearish trend line at 0.00023BTC. It seems like a recovery back above 0.00025BTC won’t be easy in the near term.
On the downside, the 0.00022BTC and 0.00020BTC support levels hold a lot of importance. When we look at the CRB versus the US Dollar, there was a slide from $0.75 to $0.55, which added to the negative sentiment.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is moving in the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is below the 50 level.
Intraday Support Level – 0.00022BTC
Intraday Resistance Level – 0.00025BTC
Charts from Coinmarketcap
