Crypto Update: Majors Down by Double Digits as Correction Begins
The segment entered a broad correction today in early trading, with the largest currencies erasing a part of their recent lofty gains. The overbought momentum readings that led to short-term sell signals in our trend model are the main reason for the pullback, with no major new catalyst behind the move. The newly established uptrend is not in danger because of the move for now, and we expect the rally to resume after the correction. With the long-term setups being bullish, investors could use the dip to accumulate the majors, while short-term traders should wait until the overbought readings are cleared before re-entering the market...