Altcoins haven't stopped correcting
Altcoins had made a good recovery since the begining of this year. However, after touching the resistance of the current descending channel in mid April, altcoins have continued to correct. This correction was also confirmed with the rejection of CMF volume indicator by its trendline.
This week, the MA200D was broken down. This means that bears are controlling the game.
From my personal standpoint, alcoins' market cap (excluding BTC) would revisit the level at the end of laster year, in a few months. This means that they would lose 20%-25% of their current values. Reversal is expected to happen once the market cap see its support trendline. After that, altcoins would recover slowly when the BTC's halving approaches (end of April 2024).
What do you think about this analysis?
Now the down trend seems to be resumed. EMA 50D is about to cross the MA200D and this is a brearish sign.