Be Ready For an Altcoin Market Correction
An altcoin market correction is a very possible scenario.
BTC is in a short term downtrend with decreasing volume. This means
there is a lot of indecision in this market and people are waiting
to see what will happen.
In the last BTC drop, the price of alts vs BTC did not change much.
Since then, they have rallied. Most of them with significant gains,
some with 200 or 300% gains. Bitcoin is currently closing in on the
tip of a triangle, which will be an important decision point for the
altcoin market.
If Bitcoin breaks below this triangle, it will be a point with lots of
people taking profits out of alts. If you are in profitable altcoin trades,
now is a good time to take another look at them and start thinning
out your positions and locking in profits.
If Bitcoin is able to break out of its short term down trend and break
above the triangle, you can reevaluate your altcoin positions and look
for re-entries. This is a very violent and unpreditable market, and the
last thing you want is to be holding bags of shitcoins as they drop
heavily in value. It never hurts to take profits.
The altcoins are currently in a mini euphoria phase with BTC teetering
on the brink of another large move. You want to be ready for every
possible scenario.
BTC is in a short term downtrend with decreasing volume. This means
there is a lot of indecision in this market and people are waiting
to see what will happen.
In the last BTC drop, the price of alts vs BTC did not change much.
Since then, they have rallied. Most of them with significant gains,
some with 200 or 300% gains. Bitcoin is currently closing in on the
tip of a triangle, which will be an important decision point for the
altcoin market.
If Bitcoin breaks below this triangle, it will be a point with lots of
people taking profits out of alts. If you are in profitable altcoin trades,
now is a good time to take another look at them and start thinning
out your positions and locking in profits.
If Bitcoin is able to break out of its short term down trend and break
above the triangle, you can reevaluate your altcoin positions and look
for re-entries. This is a very violent and unpreditable market, and the
last thing you want is to be holding bags of shitcoins as they drop
heavily in value. It never hurts to take profits.
The altcoins are currently in a mini euphoria phase with BTC teetering
on the brink of another large move. You want to be ready for every
possible scenario.
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