Local overbought prompted a pullback. As noted previously, altcoin buyers look weaker.

What clues does the Collective Forecast toolkit provide?

Scoutlist

Let's take a look at the latest data from our Scoutlist survey tool:

Key Metrics

BTC

Dominant Direction: Short

Dominance Coefficient: 10% of 100%

Timeframe Dominance: 67% of 100%

ETH

Dominant Direction: Short

Dominance Coefficient: 5% of 100%

Timeframe Dominance: 57% of 100%

ICP

Dominant Direction: Short

Dominance Coefficient: 22% of 100%

Timeframe Dominance: 78% of 100%

COMP

Dominant Direction: Short

Dominance Coefficient: 21% of 100%

Timeframe Dominance: 81% of 100%

Local correction confirmations emerged, followed by short-term indicator declines. Minimal change on BTC.

Indicators

Now examining the Collective Forecast indicators across timeframes:

BTC

The global uptrend continues amid an active long phase.

Medium-term momentum paused as overbought built up.

Locally, sellers are aggressive with proliferating shorts.

ALTS

Globally, buyers retain the initiative following the uptrend breakout.

Medium-term saw sellers react to overbought and limited reversal confirmations.

Bullish retests occurred, unsuccessfully on some assets, confirming the local correction.

In summary, as of October 2 UTC evening, short growth accompanied aggressive seller activity on alts, prompting local trend retests.