Key Highlights
- Creditbit price declined below the 0.00018BTC support against the Bitcoin and remained under pressure.
- There are two bearish trend lines formed with resistance near 0.00018BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- On the downside, the price may continue to move lower and test the 0.00015BTC support.
Creditbit price faced further selling pressure against the US Dollar and Bitcoin, and now CRB/BTC is struggling to move above the 0.00018BTC level.
Creditbit Price Decline
There was no major relief for Creditbit price as it declined below the 0.00018BTC support against the Bitcoin. The price faced a minor increase in selling pressure, resulting in a move below 0.00017BTC. The price traded towards the 0.00016BTC level, and may continue to move lower and test the 0.00015BTC support. However, the decline was mostly due to a sharp rise in Bitcoin price from $2400 to $2800.
On the upside, there are two bearish trend lines formed with resistance near 0.00018BTC on the 7-day chart of CRB/BTC. An initial resistance is just below the 0.00018BTC level, which was a support earlier. Furthermore, the 23.6% Fib retracement level of the last decline from the 0.00021BTC high to 0.000163BTC low might also stop the upside move. Only a successful close above the 0.00018BTC level might call for a recovery towards 0.00020BTC in the near term.
The overall CRB price action is stable, as it moved a few points higher above $0.40 against the US Dollar. The price found support near $0.35 and started an upside move. It is now positioned near $0.46 and looking for a break above $0.50. If all goes well, we may see an increase in CRB price above $0.50 in the near term.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is gaining momentum into the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is in the oversold levels.
Intraday Support Level – 0.00015BTC
Intraday Resistance Level – 0.00018BTC
Charts from Coinmarketcap
