Altcoin Season - 90% Fib Retracement the Bottom?
Using the Crypto market cap (excluding BTC) we can gain an insight into the altcoin's potential trajectory.
After the explosion in 2017 it was apparent that a harsh and brutal correction was inevitable, it may appear that the worst may be over.
As you can see the altcoin market has retraced the typical 90% from bubble swing low to swing high, in fact the Nasdaq did the same after the tech wreck in 2000.
It is possible and quite healthy for the alts to retest this low around 40bln, however i would hazard a guess that the bottom for alt is at (or very close to) this current low at 40bln.
Nevertheless, the idiom of 'Buy low and sell high' is quite difficult to do when presented, but this may very well be the case for the broader altcoin market.
After the explosion in 2017 it was apparent that a harsh and brutal correction was inevitable, it may appear that the worst may be over.
As you can see the altcoin market has retraced the typical 90% from bubble swing low to swing high, in fact the Nasdaq did the same after the tech wreck in 2000.
It is possible and quite healthy for the alts to retest this low around 40bln, however i would hazard a guess that the bottom for alt is at (or very close to) this current low at 40bln.
Nevertheless, the idiom of 'Buy low and sell high' is quite difficult to do when presented, but this may very well be the case for the broader altcoin market.
