Bitcoin

(Bitstamp:BTCUSD 1h)

Bitcoin has broken downwards from yesterday's ascending formation even earlier than I expected. This is a very weak sign for Bitcoin and we look to be moving to retest the $7625 support. In terms of volume, we still remain relatively low, but that will likely pick up if we see a break through support.
Fear has very much taken hold of the market, with sharp selloffs after weak rebounds. I would recommend against "buying the dip" for a while, at least until we see a good support structure, as a strong move back through $7888 is an extremely bearish sign.

(Bitstamp:BTCUSD Daily)

As I mentioned in a previous post, Bitcoin historically corrected to its previous high before reversing, and $7888 marks that level. There are very few support levels below here, so a strong break could lead Bitcoin a lot lower.
The first support line to note is that of the major channel Bitcoin spent most of 2017 in. A break of that could lead as low as the $5555 support of the previous major bull run or even $5000, as the peak preceding that.
Overall, make sure to stick to your trading and investment strategies and try not to get caught up in the emotion of the market. There will always be more trading opportunities, so don't expose yourself to unnecessary risk if it doesn't line up with your plan.

Ethereum

(Bitstamp:ETHUSD 1h)

As expected, ETHUSD is still following Bitcoin (pink line) closely. This will likely continue until Bitcoin has found another bottom.
As much as I am bullish on Ethereum for the medium-long term, it is futile to try to fight the market in the short term. As with Bitcoin, I recommend waiting for a good support level and reversal pattern rather than blindly buying the dip, so as to reduce risk.

(Bitstamp:ETHBTC 1h)

The ratio is also still following the BTCUSD trend, meaning that it is not the best trading opportunity at the moment. While BTCUSD remains the driving force for altcoins and their ratios, it is easiest to just trade and analyse Bitcoin directly.

Bitcoin Cash

(Poloniex:BCHBTC 1h)

In contrast, the Bitcoin Cash ratio appears to have found a support level and is now be moving counter-trend to the BTCUSD correction. This is a strong sign for BCHBTC, as it is a break from its recent activity and that of most other altcoins. If it can form a consolidation zone in the next few days, then this could be a bullish reversal signal for BCHBTC.

NEO

(Binance:NEOBTC 4h)

Neo, however, is also following BTCUSD. We may see another bounce around the 23.6% or 0.0122 supports, but Neo certainly isn't looking as strong as strong as it was over the last few weeks. If we can find support and form a consolidation zone near these highs, then Neo is still looking quite strong in the medium term. But, unless it can break free from BTCUSD, it will remain pretty bearish in the short term.

Cardano

(Bittrex:ADABTC 1h)

ADABTC is following the same pattern as the others, with the notable exception of its much higher bounce yesterday. While it does remain at the mercy of the BTCUSD correction for the short term, it will likely form a large double bottom and start a new bullish trend once Bitcoin has found a bottom.

Disclaimer

I will do my best to give unbiased, objective analysis, but I can make no promises about my accuracy.
All posts are based on my personal opinions and ideas and do not constitute professional financial investment advice.