Correction Still Continues...Kind of (When to Buy)

Five days ago, I posted my thoughts about the current correction taking place. In that post, I said people needed to take caution as I felt the correction was not over, yet. In fact, I stated that everyone should take a hard wait until Sunday to see what would take place between last Wednesday and last Sunday. You can read the post here:
https://steemit.com/steemit/@kerp14/take-caution-the-correction-is-not-over

In that post, I studied ten different cryptocurrencies via the 13 and 34 EMA's and the MACD lines. Some folks told me that it is impossible, and virtually unnecessary, to look at the patterns in the market as the market is too unpredictable.

Needless to say, I think those individuals are completely wrong.

Imagine looking at a military officer and telling him that his intelligence personnel don't need to conduct any analysis off their collection platforms. Sorry, but the commander would laugh at you.

Pattern analysis is a critical tool. Again, it is a tool and like most things with intelligence, it is not perfect but it is a tool that assists in seeing a bigger picture. Needless to say, based off a little analysis, it is fair to say that the correction prediction was on point considering what we observed the few days following that post.

This brings me to two points.

1. Last week, based off some analysis, the correction was not over when many individuals said it was. In fact, the market dropped again, as predicted, starting last Sunday and continued to drop into Monday and even partially into Tuesday. Yes, it was a great time to buy. Don't believe me, just go back and look at the 21st, 22nd, and 23rd of January 13 and 34 EMA's and the MACD lines.

To my second point.....

I truly believe we continue to fall into a correction phase of cryptocurrencies even though things appear to be looking up at the moment. However, based off weekly assessments, Wednesdays are horrific days to buy cryptocurrencies--so are Thursdays and Fridays and most Saturdays BECAUSE normally, prices go up during these days. In fact, during these days, its best to HODL. If you feel like playing with your coins, due to these days normally being peak days, it may be worthy to actually sell and hold onto your profits for a few days.

Sunday and Mondays are normally, again, based off historical data, the best days to take your profits and actually buy. Again, buy at the low and normally it is these two days you will find the lowest rates to purchase your coins.

So, what does this all really mean?

Starting today, Wednesday, you may see some nice gains through Friday or even Saturday however, expect things to drop again on Sunday and Monday. How far will things drop? No one knows.

But the drops we see later over the weekend and into early next week may be enough to erase any and all gains obtained this week. This means, the correction may still be going on.

Some individuals much smarter than I have stated that January 26th is a key day to observe the market due to some contract expiration's. I wish I knew more about these however I do not know enough to feel comfortable discussing my thoughts on these here.

At the end of the day, I suggest people continue to take caution with the market. Do your homework, study some patterns, and formulate your own analysis.

Of course, nothing I write is to be assumed to be investment advice now should anyone take my advice as such.

Good luck Steemians!