Cryptocurrency Update: Bitcoin and Ethereum Down by 30-40% as Correction Accelerates, Time to Buy?

 How long will the correction last? This is probably the biggest question  in the minds of the crypro-trading community right now.  As we warned yesterday, and (a little early) last week, Bitcoin and Ethereum were overbought on the long run and we concluded that: 

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(…) a 30%-40%-50% correction, that has been the  normal for Bitcoin in the past, is a huge psychological burden that  makes a panic sale likely, usually just before the bottom. Because of  this, it is better to wait for the correction and oversold readings,  even if you will buy it at a higher price later on.

This is true for long-term investors who plan on holding on to the  coins and adding to their core holdings on the dips. Short-term traders  should still wait for the short-term trend to turn higher before buying  into the coins. In this update, we will focus on the two major coins, as  they still likely to dictate the trends, but we will come back later  with the analysis of the other majors and an update on the long-term  picture. 

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