Bitcoin Back Near Recent Lows As Expected, And Near Oversold. The Wyckoff Wave Testing The Highs, Ready To Turn Lower.

Bitcoin’s had a big rally early in the week, then retraced it all as expected.  Volume continues to be low here. 

The Grayscale news took Bitcoin up quickly Tuesday, but our indicators quickly reached overbought, and we warned of a return to lower prices.

We are currently back to near oversold, so we still on the lookout for an upcoming buy entry.  Stay tuned….. 

Technometer is nearing oversold at 39.9.

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Ethereum price action was the same as Bitcoin.  

We are still on the sidelines looking for a low risk buy setup.

Technometer is at oversold at 38.6.

 

The Wyckoff Wave traded higher for the week, on very low volume.

We was wanting a couple day rally to upthrust the highs as shown by the dotted line.   We got that, and our Technometer is near overbought.

Let’s look for a return to lower prices this week. 

The Technometer is near overbought at 48.8.  

 

The Wave is lagging the OP to the upside to a minor degree.  This is slightly bearish hear at the highs. 

 

WWN – The Wyckoff Wave New Index also was higher last week, on lower volume.

The WWN rallied for two days as well, then has been trading sideways like the Wyckoff Wave.   The Technometer here is neutral, but lets look for the index to rollover here as well. 

Currently the Technometer is neutral at 43.4. 

 

The Wyckoff Wave Growth Index traded higher for the week, on continued low volume. 

Friday we saw a reversal, and an extreme overbought reading on the Technometer.  Let’s look for further weakness this coming week.  

Currently the Techometer is extreme overbought at 54.6.  

 

The SPY also finished the week higher, on average volume.

We continued higher here last week, to what we feel is a test of the recent highs.   We are near overbought on the Technometer, so let’s look for lower prices in the coming week here as well.     

The Technometer is near overbought at 48.7.

 

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The bond market as shown by the TLT, was down slightly for the week, on low volume.

We did get higher early in the week as we wanted, and an overbought Technometer as shown with red dot.   

Let’s look for lower this week for a more meaningful test of the recent lows. 

The Technometer is neutral/oversold at 41.8.

 

The Wyckoff Wave Metal Index was up as well for the week, on low volume.   

Indicators are still neutral here as well.

We added the chart of the GDX, as it called the recent low with an oversold Technometer, and also the high on Wednesday.

Let’s see if can get a selloff this week, to get our Technometer back to oversold and a low risk buy entry for GDX.       

The WWM Technometer is neutral at 45.7.

 

The long dollar ETF, UUP was  up slightly for the week, continuing its rally on slightly higher volume.

We are above the previous six months resistance, but are not comfortable with a position here.   We will stay on the sidelines.    

The Technometer is near oversold at 35.8.

 

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Good Trading,

Todd Butterfield