The market technicals of the crypto market remind me of a company headed for bankruptcy. Unfortunately I have owned shares in such companies and the ride for shareholders in such companies is horrendous. In such situations the stock price falls and continues to fall often in an accelerating manner as more and more investors lose faith in a turnaround and sell their shares no matter how low the price. The best strategy in such a situation is to sell as fast as one can and to stay out of the market until some semblance of stability emerges and a turnaround takes hold. Until this occurs it is best to stay on the sidelines and watch the market destroy the positions of the remaining investors. There is no buy low strategy as the company's shares will likely be worthless and the risk is too high to bet otherwise.
The cryptocurrency market for the vast majority of coins is facing such a situation. Most coins do not have a viable long term business and therefore the coins will eventually be worthless. At this juncture in the decline the price of most coins is far too high and therefore investors should sell as soon they can to protect their remaining capital. Bottom fishing is pointless as the value of these coins will approach zero and will not recover so wasting capital buying right now will only lead to further losses.
Some coins will survive this market collapse but speculating on which of these coins will is not worthwhile right now as an investor will likely be able to buy the surviving coins at much lower prices after the demise of most coins. It is best to protect capital by keeping the money one has allocated for crypto assets in US dollars until stability emerges and the market begins recovering. I wouldn't invest until the crypto market recovers at least 20% from the bottom as this will still be a very low price and I suspect will be much lower than we are at the moment. Good luck
