Panic subsided - An analysis
The panic after yesterday's news subsided and bitcoin 0.16% traded in a narrow range between 9500.00 and 10100.00. This strong impulse was triggered by news from the US and Japan where the regulators continue to take decisive action against the scope of the crypto market, as well as a report on the problem at the largest Binance exchange with their API and the manipulation of the price of one of the coins.
It is worth noting that at these levels the price was at the end of last month, but the trading volumes were not so high. Yesterday, in the 4th hour, more than 400 million dollars worth of bitcoins 0.16% were traded, which can be considered a big figure if we consider the decline in popularity for bitcoin 0.16% and a strong decrease in the number of transactions. It is likely that the sellers were speculators once again frightened by the actions of the regulators, and buyers could become large investors who probably know more speculators.
As a result, now the bitcoin 0.16% price is testing the support level of 9500.00 and it is likely to drop to 9200.00 but a further movement to the bottom is unlikely, so now it is worth trying to buy with a short stop-loss.
Trades on CREDITS ("CS") were held in the range as before and the support level of 0.00080 - 0.00085 CS / ETH is still actual, from which the active purchases by bidders continue, which does not allow the price to decrease. An important fact, when the market fell after bad news, the price of "CS" fell slightly to 0.0008350 and immediately returned back to 0.00105 CS / ETH. In conditions of negative sentiment on the crypto market, coins "CS" still experience increased interest from investors, which can be seen by the increase of holders. At the time when the bitcoin was down on yesterday's trading session, the number of coin holders increased by more than 800 new ones. This is a good signal for a long strategy, because, according to technical analysis, there is a high probability that the market may recover back, which could lead to an increase in the price of "CS".
The fall continues. It looks like a panic of speculators. But if everyone sells who buys?
Soon Credits will release official video in order to expain all these issues
I bought more tokens due to current market situation. There is such an excitement around Credits. People can't wait to see updates on alpha. I heard that video release will be mostly dedicated to alpha.