Take Caution: The Correction Is Not Over?
While everyone, or at least many folks, are jumping in with these dips seeing prices start to go up again, I say take caution.
Based off 10 different cryptos I have been monitoring which constitute ETH and BTC backed coins, something fishy is happening which I have personally never witnessed before.
If I look at all 10 of these crypto's and I study the 13 & 34 EMA's along with the MACD charts, I see all 10 moving in a mirror image. When one coin goes up, they all go up. When one goes down, they all go down.
Since the shoot up on the 17th of Jan. Every coin I have been monitoring has stayed within the range of the Jan 16th high and low.
Point 1. we are on the second day of the end of the fall however we really are not moving but rather holding steady in a pattern of resistance.
Point 2. Historically, Wednesday through Saturday morning (EST) generally see the highest peaks of gain in crypto investing. Saturday nights through Sunday mornings are normally the lowest with a subtle rise again Sunday night. Again, historically speaking.
If this correction were truly over, we should actually see some decent gains today which at the current moment, we really are not. Basically, for every gain made, a loss follows.
Again, this is just my observation after studying some analytical charts.
Personally, I think if you are looking at getting in the crypto market again, it is safe to wait to see what happens between now and this Sunday.
If you invested back in after seeing the recent rise, truthfully, you are safe as things may go lower short term but you will make out in the long term.
If you did what you are supposed to do with your investments and simply held off and took the beating, good on you as that was the best play considering you maintained all of your "coins" without losing any of them. This post is really not for you but rather those who pulled out and are trying to get back in or those who want to get in for the first time.
Just my two cents and of course, and like most things, I am likely wrong about all this but something tells me otherwise.