The Bitcoin split panic has set in the cryptocurrency market, and as usual altcoins are the most affected for the same reason they are most affected when Bitcoin has an upwards momentum.
The market could go down further over the next few weeks, but it will likely see a rebound in August, assuming the SegWit functionality will be enabled for Bitcoin. We'll need to re-evaluate the conditions then to see whether or not we'll be entering a bear market or continue the trend upwards. Bitcoin as well as the altcoins have had a ton of growth this year, which means a correction is inevitable somewhere down the road.
Less popular altcoins with smaller market caps are going to continue to be the most affected by the Bitcoin panic, as people get out of them and put their money either into the top coins or into Tether and FIAT. However, even for those altcoins we may see a rebound in August, so selling now when the coins are already down by 30%-60% is unlikely to be a good decision.
Technical analysis is not going to be too useful over the next few weeks, as the volatility should be very high and it will be hard to pin-point which of the support levels are going to hold and which aren't. This is also the reason I don't recommend "buying the lows" right now, as we don't know how low the market, and especially altcoins, will go right now. If there will be a bottom forming, it will happen over a longer period of time, rather than a day or two.
If you can keep the money you already have invested in the cryptocurrency market, and you should because you shouldn't have invested more than you can lose in the first place, then consider the fact that the market should reach $200-$300 billion market cap in the next 2-3 years, so chances are you'll make all of that money back and then some.
100 % agreed. Anyone selling alts at 60% loss are foolish. Best thing to do at this moment is hodl
As usual, your analysis, conclusions and writing are excellent.
Keep on posting with stuff like this.
I keep holding my coins ... Many investors are nervous about the upcomeing changes for Bitcoins , I think after that we will see new all time records. Just don t panic ;)
HODL :D
Yep. Good advice for the noobs!
Hold and buy little more every time the price drop.
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