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
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.
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.
The Wave and OP are in unison.
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.
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.
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.
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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.
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,
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.
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