Hi Everyone, MS aka Cryptogem here. Its been a long time since I've posted anything. I guess I was lying low and waiting for the opportune time. I believe that we are nearing the end of the correction, which has lasted for only 3 months but was extremely painful and seemed prolonged
I want to put forth a few points on why I believe that we are nearing the end of the correction in big-daddy BTC. If I may say so, Bitcoin has held the whole alt-coin market hostage. This coupling with Bitcoin however wont end in the near future for reasons well known. For starters, we are talking about a crypto currency which started a revolution.
Bitcoin last made a low of 5967 in the previous leg and in the current downward move made a slightly higher low of roughly 6400. We have more or less a double bottom situation in Technical analysis parlons.
Median corrective moves since 2010 have roughly been 70%. There has been a 72% correction in the overall cryptocurrency market. This has happened without any major reason apart from the Ghost of Mt. Gox coming back to haunt the market again.
Another significant reason is that Institutional money is simply waiting on the sidelines to enter. However I feel that they won be making any significant investments without regulatory guidelines.
Lets wait and see whether this indeed is end of the correction or there is more pain to come.
