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Key Highlights
- Creditbit price came under renewed pressure and broke the 0.00040BTC support against the Bitcoin.
- There is a short-term connecting bearish trend line with resistance at 0.00040BTC formed on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
- On the upside, the broken support at 0.00040BTC and 0.00042BTC may now act as a resistance.
Creditbit price failed to hold important supports against the US Dollar and Bitcoin. CRBIT/BTC formed a new low and remains under pressure.
Creditbit Price Resistance
In the last analysis, I mentioned that buyers may attempt a move towards 0.00060BTC in Creditbit price against the Bitcoin. However, they failed completely, as the bearish pressure increased, and pushed the price below 0.00042BTC. There was a tiny correction, but the price struggled near the 50% Fib retracement level of the last decline from the 0.000620BTC high to 0.000405BTC low.
The downside move was such that the price was able to clear two important supports – 0.00040BTC and 0.00042BTC. Out of the mentioned two, I think a close below 0.00042BTC was significant. The price traded towards 0.00035BTC and formed a low as 0.00034BTC. At the moment, the price is attempting a short-term correction, but may face sellers near 0.00040BTC. The same level also coincides with the 23.6% Fib retracement level of the last decline from the 0.00053BTC high to 0.00034BTC low.
Similarly, there was a downside move against the US Dollar as well towards $0.70. The price spiked once towards $1.00, but failed to break it, and moved down. It broke the $0.80 support area and traded towards $0.70. Overall, the price remains under pressure, and any corrections could face sellers near $0.90.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is in bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is currently well below the 50 level, and struggling to get going.
Intraday Support Level – 0.00035BTC
Intraday Resistance Level – 0.00042BTC
Charts from Coinmarketcap
