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RE: Is the Altcoin Market Finally Going Through a Large Correction?
I actually believe the correction is just about over.. and the only reason I am saying that is because I am basing this off of total marketcap destroyed. At the height we were near 115 Bln Mrkcap... now we are around 81 Bln. This is roughly a 20-25% correction which is normally a good time to load in when in a bull market.
With Bitcoin in a state of flux due to the upcoming fork on August 1st I wouldn't hold my breath that the correction is over just yet. In fact such rises can often see a correction of 61.8% or more, so there is still room beneath us that things can fall to.
Good point... Fundamentals always eclipses Technical Analysis in the long run...
I think they play in tandem. The 61.8% I mentioned is a Fibonacci ratio taken from Technical Analysis :) But, YES, we have to be aware of what's going on in the market otherwise TA falls apart entirely
Great analysis - upvoted
Thanks bud :)