- Creditbit price after a rise towards the 0.00030BTC resistance failed to maintain the bias against the Bitcoin.
- There was a break below a bullish trend line with support at 0.00027BTC on the 7-day chart of CRB/BTC (data feed from Coinmarketcap).
- The price is now retesting the most important support zone near 0.00022BTC.
Creditbit price failed to overtake offers on the upside against the US Dollar and Bitcoin, and CRB/BTC is now back trading near the 0.00022BTC support.
Creditbit Price Decline
In the last analysis, we saw a rise above 0.00025BTC in Creditbit price against the Bitcoin. Later, the price traded towards the 0.00030BTC level where it faced a strong selling interest. The barrier was such that it ignited a downside move in CRB below 0.00028BTC. During the downside move, the price broke the 23.6% Fib retracement level of the last wave from the 0.00023BTC low to 0.00029BTC high. Also, there was a break below a bullish trend line with support at 0.00027BTC on the 7-day chart of CRB/BTC.
These breaks ignited a downside wave, as the price even broke the 61.8% Fib retracement level of the last wave from the 0.00023BTC low to 0.00029BTC high. The price is now trading around the most important support zone near 0.00022BTC. It attempted a recovery on a couple of occasions, but got blocked by a bearish trend line at 0.00023BTC. It seems like a recovery back above 0.00025BTC won’t be easy in the near term.
On the downside, the 0.00022BTC and 0.00020BTC support levels hold a lot of importance. When we look at the CRB versus the US Dollar, there was a slide from $0.75 to $0.55, which added to the negative sentiment.
Looking at the indicators:
Hourly MACD – The MACD for the CRBIT/BTC pair is moving in the bearish zone.
Hourly RSI – The RSI for the CRBIT/BTC pair is below the 50 level.
Intraday Support Level – 0.00022BTC
Intraday Resistance Level – 0.00025BTC
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.
Let’s block ads! (Why?)