The decline in prices of Bitcoin and altcoins accelerated last week.  BTC ended the week down -24.7% and Ethereum (ETH) was down -41.0% (vs prior week’s -23.2% and -11.3%, respectively).

It appears we’ve reached a point of near-term selling exhaustion, which could lead to a modest bounce or recovery.  Our Signals Summary page shows that far more coins are Oversold (RSI < 30…Bullish) than Overbought (RSI > 70….Bearish) across all time intervals:

Source: altFINS.com

Swing traders could take advantage and trade the near-term bounce.  Traders can create a custom filter that screens the market for coins that are extremely oversold (RSI < 25) but are still in a Long-Term Uptrend. (watch video tutorial). Ideally, find situations where price is near a support area.

However, for Trend traders, the situation is difficult since trends for most coins have been interrupted, busted up.

Our Signals Summary page indicates that very few coins remain in an Uptrend on Short- or Medium-Term basis.  Far more are in a Downtrend now (see table below).

Thus, the near term upswing could simply be a short-lived bounce.

Trading strategies should adopt to the environment, which clearly has switched from bullish uptrend to bearish downtrends (i.e. crypto bear market), in general.

Here’s our view on what traders could do(read in blog):

1. Buy dips and try to time the bottom.

2. Wait for prices to stabilize and watch for momentum upswing.

3. Use Patterns for swing trading.

4. Find Patterns with bullish breakouts.

5. Use Patterns signals to Buy and Short Sell – market neutral portfolio

See top 50 coins by market cap “Performance” tab on our platform (see charts below). Check our curated charts for technical analysis of top 30 altcoins.