Historic indicators possibly pointing to an impending rally in the altcoin markets (Steem included)
crypto·@jrcornel·
0.000 HBDHistoric indicators possibly pointing to an impending rally in the altcoin markets (Steem included)
https://s33.postimg.cc/leywi34v3/1_TY0e_Uc_LT6us5_Jz1_VT1_Tymg.jpg # If the past is any indication, the blood bath in the altcoin markets may soon see some relief. According to research published by Tom Lee of Fundstat Global Advisors, we may be close to the end of the altcoin bear market. At the very least, we could be close to a relief rally. Fundstrat created what they call the "Altcoin Correction Index". The Index measures the percent of altcoins down 70% or more from their 9-month highs. Back in 2014, at the height of the bear market, that Index hit 87%, which was the highest reading ever at the time. # Curious what that reading might be currently? 87% may sound high, and it was, but currently the Altcoin Correction Index is spitting out a mind boggling 97%! Which would be the highest reading ever. https://s33.postimg.cc/f8xgbbg2n/Dmb_Q8n8_Ws_AAh_WMa.jpg (Source: https://twitter.com/fundstrat/status/1037747744302096384) As you likely already know, we are reaching historic levels of bearishness for the altcoin markets. Roughly 97% of altcoins are now down over 70% from their 9 month highs. Ouch! # What does this mean going forward? Ok, so we know that altcoins are down bigly, but what does this mean for future prices? Well, the last time the altcoin markets were this bearish we saw roughly a 3X return over the following 2 months. Check it out: https://s33.postimg.cc/n1o43p6qn/Dmb_SEHEXc_AAzo_X8.jpg (Source: https://twitter.com/fundstrat/status/1037747746025943040) As you can see, after the Index peaked in 2014, prices saw roughly a 3X return over the next 7 weeks. # Will history repeat? We can't really say for sure, but the setup is certainly there. Fundstrat even mentioned that, saying: > "While we recommend sticking with bitcoin, the alt-coin correction index does seem to suggest this latest downdraft is actually a tactically positive signal for alt-coins." (Source: https://twitter.com/fundstrat/status/1037747748261511168) Which sounds like a nice way of saying, we still like bitcoin too, but buy altcoins now if you want to make some money in the next few months. Stay informed my friends. Image Source: https://medium.com/@jimmysong/why-bitcoin-is-different-than-other-cryptocurrencies-e16b17d48b94 Follow me: @jrcornel
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