The crypto market is showing widespread downtrends on the 12-hour timeframe. Our P73 CryptoMarket Monitor reports that 21 assets from the TOP 200 crypto assets entered a downtrend in this hour alone.

The full list is available to Monitor subscribers. We can say that it includes significant assets such as #ETH, #DOGE, #LINK, and #UNI. We show their charts with downtrend targets, as well as potential downtrend reversal levels and liquidity zones on the 12-hour timeframe.

IMPORTANT: For a number of altcoins, this is the first sustained downtrend on the 12-hour timeframe during the entire August–September pump. For some, it’s the first since the first half of the summer. For example, according to our indicator, this is the first downtrend for #ETH since July 2. The market is showing pronounced weakness in altcoins. Overall, though, this is already their second attempt to transition into a downtrend on the 12-hour timeframe between August and October. So the true signal confirming buyer weakness should still be widespread, sustained downtrends on the daily timeframe.

Our forecast is that the correction we anticipated has begun. We initially predicted it would start sometime in the September 28–October 18 “window,” then on October 4 narrowed the end of that “window” to October 13. Potential-high markers on the 3-day and weekly timeframes are starting to play out.

And in our assessment, this is the very correction whose low will be the best moment to build long-term long positions and spot positions. During it, we’ll start building our spot copy portfolios. The key signals for entries are widespread potential-low markers on timeframes of 12 hours and higher, or a Strong signal of a potential low on the same or lower timeframes.

It’s worth noting separately that our Monitor is not yet forecasting a long-term correction in its report this hour. On the contrary, it forecasts a high probability of a market bounce over the next 6–12 hours, with a chance of a full reversal. The reasons for this forecast are signals on the 2-hour timeframe (27 assets are showing potential-low markers) and the 4-hour timeframe (21 assets, including ETH, are showing potential-low markers). 

So a bounce scenario is still very much “on the table,” but the chances that it will be a bounce before a further decline are now higher than they were this morning.

Taking the 12-hour timeframe signals into account, we’re allowing for another, nth addition to our BTC short. BUT only from a Strong signal of a high on a timeframe of 5 minutes or higher, so that when the signal plays out, we can move this part of the short into breakeven. As long as there’s no sustained downtrend in the asset on the 12-hour timeframe, Bitcoin is holding up. But as we can see, weak assets are already “crumbling,” and for now we’re inclined to think this is a “spoiler.”