It looks to me like we have a lot further to go down, but I'm keeping my eye on it. We are near a support level but I don't expect it to hold given the market depth on poloniex, how far we've gone up, and the fact that the main uptrend has already been broken.
This correction will end when we successfully put in a reverse head shoulders chart formation. I expect us to go down to the May 27th low of $64B as a starting point, and I'm a bit surprised how hard the altcoins have taken it. I thought everything would have gone down evenly but that's clearly not the case.. there are already some altcoins down 66% from their peak. The ones that went up hardest during the May pump are the ones that have deflated just as fast.
I also thought the selling would be more aggressive and BTC itself would have gone down more than it has. It's being delayed by the fact when people sell their alts, they tend to go into BTC. At some point those people holding BTC will cash out for fiat and the next leg down resumes, in my opinion. BTC's long term support level is around $1200 per coin.
The few remaining coins I am invested in I fully expect to plummet. Pascalcoin, Xtrabytes, and Syscoin are all that I have left. They should tank another 50% from here. At some point I'll increase my position in Xtrabytes and Pascal.
Once we hit a nice base, I'll reinvest a large amount back into cryptos. thank you NEM.. thank you. Hopefully I can ride up the next wave to be a multi-millionaire by 2020.
But we must be patient and emotional control so as not to make mistakes. The bitcoin price has gone down for a week and this is likely to happen in a few weeks again. Hopefully this does not happen until a few more months and the price soon recovers, because if it lasts long many people will panic and make mistakes 
