The crypto market is in a bit of a meltdown on Tuesday. $BTC is down 7.5% on the day, and a lot of the altcoins are performing even worse than this. However, a bounce must be coming. Altcoins are likely to look to $BTC to make its local low before the bounce begins.
A sorely needed correction
The crypto market finally has the correction that was sorely needed. Overbought conditions were getting ridiculous, and just like how a rainstorm arrives after a long period of drought, this pullback is extremely refreshing for the whole crypto market.
Source: Coingecko/Trading View
However, that said, the correction could even be about to end. As quickly as it arrived, it could be that $BTC has found its local bottom at $62,500. This is quite early to be calling an end to the correction, but it does line up with support, and also the bottom of the downwards sloping wedge pattern.
Nearly $100 billion wiped off altcoins
Source: Coingecko/Trading View
The Total 3 chart displays the comb
We współpracy z: https://cryptodaily.co.uk/2024/03/altcoins-look-to-btc-for-when-they-can-bounce
