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In this Blog i will tell you the characteristics of Market Corrections In Cryptocurrency.
Characteristics of Market Corrections:
1- Always follow large, rapid run ups in price not supported by the underlying valuation of the asset. Corrections are market punishment for over-speculation, over-valuation, etc.
2- Often fall into a range with signs of accumulation at the base of the range, also known as a reaccumulation phase before an uptrend continuation. Volume contracts on each down move inside of said range, and expands on each up move. This can be seen on smaller time frames. On larger time frames, volume will be lower than historic levels (consolidation).
3- Corrections bounce above or off of an existing uptrend line. This bounce often occurs from the only lower low of the range if one is present. You will usually see a series of either higher or slightly flat lows with lower highs.
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Mudassar Hussain