Buying on the Dip
Bulls like to buy dips when the markets are trading above the 200-day moving average, while bears sell rallies short below it. Bears usually win below this line, as the 200-day becomes longer-term resistance. Bulls buy pullbacks to the 200-day as long as the price stays above it.
This line is one of the biggest signals in the market telling you which side to be on. Bull above, bear below. Bad things happen in stocks and markets when this line is lost.
Notice on today's chart below, we are at that critical area to watch.
Guideline of Depth of Correction
The guideline of the depth of corrective waves according to Elliott Wave principle says that when the market goes into a correction, it often will correct to the territory of the previous Wave 4 of lesser degree. This is often a good place for the market to find support (or resistance) before the trend moves on.
Crypto Total Market Cap Exclude BTC Trend Reversal Soon?
The current total crypto market excluding BTC is below the MA200. However, price action is within the range of the previous Wave 4. I'll be watching what happens today to determine if we are still in bear territory or moving into bull territory.
Daily Chart
Happy trading! - 3rd Dog
I’m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature and are therefore are unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
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