- Creditbit price decline extended, as it fell below 0.00030BTC against the Bitcoin.
- There is a descending channel pattern formed with resistance at 0.00028BTC on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
- On the downside, the 0.00020BTC level is a major support going forward, and must hold losses.
Creditbit price was under pressure due to rise in Bitcoin price. CRBIT/BTC traded below 0.00030BTC, and currently following a descending channel.
Creditbit Price Decline
In the last analysis, we saw a major bearish trend line at 0.00035BTC for Creditbit price against the Bitcoin. The price failed to break it and moved below 0.00030BTC. There was also a failure to break the 23.6% Fib retracement level of the last decline from the 0.000418BTC high to 0.000295BTC low. It called for a new low below 0.000295BTC, and the price fell towards 0.00020BTC.
A new low was formed near 0.00022BTC where somehow the price found support. At the moment, the bearish pressure is not over as long as the price is below 0.00030BTC. There is a major descending channel pattern formed with resistance at 0.00028BTC on the 7-day chart of CRBIT/BTC. It may continue to slide, and even test 0.00020BTC in the near term, which is a crucial support.
On the upside, the channel resistance is at 0.00028BTC. However, the most important resistance is at 0.00030BTC. It is also near the 38.2% Fib retracement level of the last decline from the 0.000388BTC high to 0.000220BTC low. So, if the price corrects higher, it won’t be easy to break 0.00030BTC. There was a minor decline versus the US Dollar as well, as a new low was formed below $0.60 at $0.51.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is strongly placed in the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is in the oversold readings with no sign of a correction.
Intraday Support Level – 0.00020BTC
Intraday Resistance Level – 0.00030BTC
Charts from Coinmarketcap