What we saw this week felt a lot like what we saw back in June-July. That was a massive correction that wrapped up an entire market cycle. I think that is what we saw this time; since July we've had a full 5-wave up with a 3-wave down. Fifth wave up was an extended one (extremely so), which pretty much every coin enjoyed. As with July, the correction played out to be a full 61.8% on the whole cycle. BTC is currently still in the down channel, but the amount of volume is a good indication of reversal, and I think we will see BTC break this channel in the coming weeks. On the hourly chart this reversal is supported by bullish divergence.
It might take a while for everything to shake of the shock of things, but honestly: what we saw looks like a perfectly healthy correction on the wild ride of last cycle, and I think we'll be looking at some exciting times in February and March.
It might take a while for everything to shake of the shock of things, but honestly: what we saw looks like a perfectly healthy correction on the wild ride of last cycle, and I think we'll be looking at some exciting times in February and March.