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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Creditbit Price Technical Analysis
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Creditbit Price Technical Analysis – CRBIT/BTC Slides Further

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

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.

Creditbit Price Technical Analysis

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

Tags: CRBIT/BTCCreditBitCreditbit PriceCreditbit Price AnalysisCreditbit to BitcoinOpiniontrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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