What state are we in?

Panic

We are in a state of panic right now in my opinion, this is due to the fact that we already had a huge drop after the denial phase. Remember that was the little phase where we went a little back up again and then boom it fell right back down again and even further then it already was. So if you are holding any coins with a major loss right now and you don't need the money right away then I would recommend you to just hold on to them. There is no cutting of losses short now anymore because we're already this far down.

Anger, Depression, Disbelief

As you can see on the picture displayed above if we get into the anger cycle and further it's a good sign. It means we will go back up again in the next few months. It can really take that long. Bitcoin will first need to go back up again before any altcoin will start going back up.

If you don't need the money right now, then don't sell the losses you might have on your alt coins. Keep an eye on that picture.