The Long Investor

$ETH

Added 2024-08-05 08:21:41 +0000 UTC

Crypto just got annihilated when futures opened last night and the Nikkei began to sell off.

Pull back has been severe across the board and breakdowns are clear.

There is a small infringement below the blue line, which was the Top of Wave 1, so this pull back can no longer be Wave 4 when this happens, and it is likely its ABC correction.

$BTC and $ETH are not showing that they have been a store of value and holding up during a weak market, they are moving with the market and in some cases reacting more poorly than stocks.

Support has so far held on the 0.618 Fib at $2107, which is exactly where we would expect an ABC correction to hold support, so this is a good sign.

I would need to see more support before rushing in to add here tho, I have my position and don't intend to sell but I will add when support is found.

Next test would be the 0.78 Fib at $1566 if $2107 is not held.