BTC's strong correction hasn't yet exhausted downside potential.

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: 26% of 100%

Timeframe Dominance: 90% of 100%

ETH

Dominant Direction: Short

Dominance Coefficient: 21% of 100%

Timeframe Dominance: 81% of 100%

ATOM

Dominant Direction: Short

Dominance Coefficient: 20% of 100%

Timeframe Dominance: 78% of 100%

AAVE

Dominant Direction: Short

Dominance Coefficient: 25% of 100%

Timeframe Dominance: 84% of 100%

Despite declining markets, shorts rose amid emerging short correlation. Driven by confirmation rather than overbought. Local oversold gathered with bounces possible.

BCH declined 3%. BTC, ATOM and AAVE top shorts, surpassing 20% dominance — prone to further drops. Figures are small but notable.

Indicators

Now examining the Collective Forecast indicators across timeframes:

BTC

Higher timeframes show BTC in the sell zone amid seller reaction. Minimal signals, some short hints.

Medium-term signals point to an approaching retest.

Locally, selling pressure mounted, flagging a new leg down. No growth signals despite the heavy correction.

ALTS

Globally lingering at demarcation. No signals, though mechanics should turn to bulls.

Medium-term faced unsuccessful bull trend retests on most assets, failing into bear trends. Short signals proliferated.

Locally selling off in bear trends and oversold conditions. Few growth signals.

In summary, as of October 3 UTC evening, the decline continued with growing short correlation but limited reactions to the drop so far.