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Creditbit Price Technical Analysis – CRBIT/BTC In Downtrend

Key Highlights

  • Creditbit price continued to move down and traded below the 0.00070BTC support against the Bitcoin.
  • There is a declining channel pattern with resistance at 0.00065BTC formed on the 7-day chart of CRBIT/BTC (data feed from Coinmarketcap).
  • On the downside, there is a crucial support at 0.00060BTC, which must prevent further downsides.

Creditbit price is under pressure against the US Dollar and Bitcoin, and now CRBIT/BTC is following a declining path below 0.00080BTC.

Creditbit Price Decline

In the last analysis, we saw a major horizontal resistance at 0.000705BTC in Creditbit price against the Bitcoin. It continued to act as a hurdle for buyers, and prevented gains above 0.000705BTC. In fact, there was a downside move initiated, and the price moved below the 0.00070BTC support area. There was a failure to break the 61.8% Fib retracement level of the last decline from the 0.00090BTC high to 0.00059BTC low. It resulted in an increase in the bearish pressure below 0.00075BTC.

Similarly, there was a minor declining pattern versus the US Dollar, as it failed to settle above the $1 resistance. The price is currently below $1, and may soon attempt an upside move in the near term. However, it may struggle vs the Bitcoin, as there is a declining channel pattern with resistance at 0.00065BTC formed on the 7-day chart of CRBIT/BTC.

It might continue to prevent an upside move above 0.00065BTC. However, if the price continues to hold the 0.00060BTC support area, there are chances of a bounce back. On the upside, the channel resistance also coincides with the 50% Fib retracement level of the last decline from the 0.00069BTC high to 0.00060BTC low. So, we need to see a break above 0.00065BTC for further gains.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is in the bearish zone.

Hourly RSI – The RSI for the CRBIT/BTC pair is well below the 50 level.

Intraday Support Level – 0.00060BTC

Intraday Resistance Level – 0.00065BTC

Charts from Coinmarketcap

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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