Looking To Buy Crypto On Further Weakness. The Wyckoff Wave Corrected As Expected, Now Oversold.

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Bitcoin’s sideways lethargic action finally opened up to a large quick downside smash.  

We was long from $28,890 for our private Discords/ProTraders, with a $29,100 protective sell stop.

We was happy to sidestep the selloff, and looking once again to reestablish long positions.

We will look for a little lower here early in the week in sympathy with stocks, then hopefully a high confidence buy setup. 

Technometer is nearing oversold at 39.9

.

BTC Daily 8 20 23 1 LearnCrypto Powered By Wyckoff SMI 2024

 

Ethereum also had a quick smash lower. 

We were stopped out here at breakeven $1,831, and looking to reestablish longs this week as well.

Technometer is near oversold at 41.0.

ETH Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

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

We was expecting a correction for a backup to the previous creek.   We did get a correction started, but our Techonometer is quickly back to oversold. 

Let’s look for a low to form in the next few days, and a return to higher prices. 

The Technometer is oversold at 36.7.  

WW Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The Wave and OP are in unison.  

WW Intraday 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

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

Here as well, we was looking for a move back to the previous resistance.   We are nearing that support, but not yet oversold.   Let’s watch for an upcoming low here as well. 

Currently the Technometer is near neutral at 43.0. 

WWN Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The Wyckoff Wave Growth Index also continued its correction trading lower, on low volume. 

After breaking 1120, we have continued lower as expected.  Let’s look for a low here in the coming week as well.  

Currently the Techometer is nearing oversold at 40.9.  

WWG Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The SPY also finished the week nicely lower, on average volume.

We have been bearish here the last fee weeks rightly so.  Let’s look for some more downside action, and hopefully an oversold Technometer.     

The Technometer is near neutral at 45.7.

SPY Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

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

We was looking for a low here, and did not get it.   Let’s look for a little higher, and the next sell signal. 

The Technometer is neutral at 43.6.

TLT Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The Wyckoff Wave Metal Index was also down sharply for the week, on low volume.   

We have been wanting a low here, but the indicators will just not line up.   We will have to stay on the sidelines until things clear up.      

The Technometer is neutral at 42.9,

WWM Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The long dollar ETF, UUP was  higher for the week once again, on very low volume.

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

The Technometer is near overbought at 47.7.

UUP Daily 8 20 23 LearnCrypto Powered By Wyckoff SMI 2024

 

 

 

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Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 1029 students enroll since its launch on June 22, 2017.    On June 28th, 2018 we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.

If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA Please subscribe and click the bell to be notified of our upcoming broadcasts.

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonStocks“, “LearnCryptoShow“, or “WyckoffonCrypto“.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  

Good Trading,

Todd Butterfield

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