$FIL This kind of coin may have rallied earlier, but the upward momentum hasn't been very sustainable, and there's considerable disagreement in the market. Be especially cautious with assets like these.
With news-driven volatility so high lately, altcoins that previously rose against the trend but have since lost momentum could see a significant correction. The odds of a sharp downside wick are also fairly high.
As for direction, the short-term outlook is very clear:
For now, don't consider going long, and don't rush to buy the dip. Only consider taking a small position if there's an extreme liquidity flush.
But that doesn't mean I'm bearish on the entire bear-market cycle.
The current view is that there could be a short-term drop with a downside wick—not that the market is about to turn fully bearish. For now, things haven't reached a point of extreme pessimism.
In terms of expectations, altcoins could see downside wicks of over 20%, while the broader market should be watched for drops of over 7%.
With news-driven volatility so high lately, altcoins that previously rose against the trend but have since lost momentum could see a significant correction. The odds of a sharp downside wick are also fairly high.
As for direction, the short-term outlook is very clear:
For now, don't consider going long, and don't rush to buy the dip. Only consider taking a small position if there's an extreme liquidity flush.
But that doesn't mean I'm bearish on the entire bear-market cycle.
The current view is that there could be a short-term drop with a downside wick—not that the market is about to turn fully bearish. For now, things haven't reached a point of extreme pessimism.
In terms of expectations, altcoins could see downside wicks of over 20%, while the broader market should be watched for drops of over 7%.