Crypto Markets Correcting - Time to HODL
This is an interesting day in cryptocurrency, and market mechanics seem to be in a somewhat anti-symmetric mode. Overall, the market cap has been declining over the past two three days moving from 830G$ to a current level of about 700G$. From a perspective of technical analysis, this represents a normal market correction. Crypto markets have a tendency to bubble and crash before quickly recovering.
Looking at the BTC/ETH pair
Starting with BTC, we have seen a significant crash in the value of the currency. I agree with @haejin's analysis that BTC may see another low in the low to mid 13k$ range before moving back up again. Meanwhile, ETH has moved contrary to the tide pushing upwards to 1.3k$, up nearly 100% from its support level of 650$ back in December. The current ETH bull run price is likely unsustainale, so I would expect to see some sort of sideways or short term downward correction before ETH begins to challenge the 2k$ mark within the next few months. However, it is likely risky to try to trade on this maximum, as a new influx of cash into the market could bubble the ETH price up a bit more. However, now might be a good time to look at moving some ETH into BTC to protect your gains.
Some of my favourite Altcoins
XRP is nice case as to look at. After its run up to nearly 3.81$, it has in the space of just a short four days retraced about 50% of its value down after touching a low of 1.70$. This kind of correction is healthy, as XRP was overvalued at 3.80$. Certainly XRP will likely match its highs sometime in the future, but only after a long corrective phase. Likely, the correction is at its minimum so one might consider jumping in with a small position in XRP. However, one should be prepared to HODL for the long term as the XRP consolidation phase may take upwards of a month.
XVG is an interesting case, which until today fared quite well. Until recently, XVG was in deep consolidation, and there was very little price action on the coin. However there are signs of significant price action on the coin along with a marked increase in volume. Just two short days ago, we were at 0.24$ whereas now we are down to 0.16$. If anything, this is is the largest volatility that we have seen in XVG for over a month. I still stand by my projections of a 0.50-1.00$ XVG coin in the near term as the overall trend on XVG seems quite bullish. Soon, the sellers will disappear, and the coin will start to rise in value.
General Advice
Do not panic sell your coins. If you are still up on your blockfolio, then you have nothing to be worried about. Volatility is very high these days, so it might be wise to sit back and take a break if you feel yourself to be in a good position. If you have bought high, then do not sell low. Simply hold your position and you will see yourself come back into the green in due time.
Keep it real
@mxcrypt
Standard Legal Note
These solely my own ideas. This is by no means professional financial advice and I cannot be held accountable for any investment decisions undertaken by reading this article.
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BTC Wallet :3PPENyabp2gsEfNahLyhMsgdwtjbodrtFm
ETH Wallet :0x7792cB95e9faa8B4049c88dD0dD567Cb843bc696
LTC Wallet :MXDmNsYKccTxnyXe4vpq3XrbstHsKex9S9
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