The Long Investor
patreon
$ETH
🕑 Added 2025-02-03 11:55:38 +0000 UTCOk that flush down was violent and according to sum, the biggest decline in crypto history, wiping $880 Billion from the Crypto Sector over a 10 hour period.
So let's look at what happened, above is the weekly chart.
The 50 WMA aligns very well with the 200 Day MA, so when the 50 WMA and 200 Day MA was lost at $3100-$3000, support beneath this range was thin and the price sank
The price went all the way down to below the 200 WMA but held support exactly on the 0.618 Fib at $2100, where it did in August and Sept.
Price has since bounced back up above the 200 WMA now.
So I consider this entire move since March 2024, one large ABC count, as it is in 3 waves and has held so far on the 0.618 Fib, which would align with being a Wave 2 of Primary Wave 3, which has not changed at $8800.
If $2100 is not held then the next test will be the 0.78 Fib at $1569 but I believe value hunters would gorge under the 200 WMA.
I have added this morning and I would have liked to have added under the 200 WMA which has been a strategy of mine towards $ETH but equally buying back down at the 200 WMA is somewhere I am happy to buy and hold for long term.
I would buy $AMZN, $GOOG, $NVDA, $AMD, $PLTR, SILVER, $BTC etc all at their 200 WMA and would not think twice about it and hold for long term.
Comments
Chris H
Ah, my friend. Gareth, the Voice of Reason.
FreeMo
Could you please revisit the count for BTC?
