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RE: BTC Correction not over yet! Reversion to mean required.
Well, let's hope that BTC will "revert to the mean" in the same pattern as the first circle drawn on bottom left. This will give a multi-day consolidation side way without a drastic and sudden drop like the others circles - thus not shaking the market cap and disrupting the altcoins from having their next wave up.
As we know, any drastic BTC moves up or down will send the altcoins down. A long drawn BTC consolidation pattern will allow both scenarios; i.e. reversion to the mean and overall market cap increase with altcoins moving along the same. Nice post! BTW, I'm new to TA, hope what I said is a possibility TA-wise.
We are now at the "mean" of 150EMA now and testing this level... but seems like the next support line is further down to 8000-ish level.
Let's see if it can hold for the next couple of days :)