IMPORTANT ANNOUNCEMENT: Barchart just announced that they will be offering trade data on Cryptocurrencies now. We will therefore be launching our “Pulse of The Market” for Cryptocurrrencies in the upcoming weeks.
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 offered at an affordable $249.99 and we have had 476 new students enroll in the last 11 weeks.
We also have a Youtube channel that has grown quickly to 10,300 subscribers in a matter of a few months. If you are interested in Cryptocurrency news and Wyckoff chart analysis, search “CRYPTO NEWS”, subscribe, and click the bell to be notified of our upcoming broadcasts. Our current schedule is Monday-Friday around 5 p.m. CST and they usually last close to two hours, and we just added an approximate 10-11 a.m. broadcast to reach more of our international subscribers. We have subscribers all over the world, so at times we vary broadcasts to try and satisfy international subscribers.
If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonCrypto”. We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter. We felt this market with its public participation, lots of volatility, and extreme emotions would be much easier to trade. So far that has been the case…
This past week the Wyckoff Wave traded nicely higher on a slight increase in volume. We finally did start the markup phase we had been expecting after what looked like a successful backup the week before. The rally started off slow but picked up steam during the week.
The Technometer is now solidly overbought.
The S&P was up 1.58%, and the Nasdaq was up 1.38% for the week.
The Wave spent the week trading higher every day of the week. The O-P had fallen sharply during the previous weeks and has now finally responded with the rally in the Wave. Friday there was big volume that came into the close.
The Force Index was higher for the week, and is trying to play catch up as well.
The one year Daily chart shows the Wyckoff Wave off of the support line of the uptrend. It rallied right when it needed to and avoided breaking the uptrend. With the Technometer registering such a high level of overbought, we would expect a pullback here which should be able to be used to establish long positions.
The Wyckoff Wave Growth Index (WWG) experienced gains for the week as well. They were much more muted than the Wyckoff Wave, but a rally nonetheless. We have been bearish this market, and still believe it will trade lower in the week ahead.
The bond market finally came under pressure, as the Wyckoff Wave rallied this week. We have been expecting a correction to begin the last few weeks, and looks like it is now upon us. The recent uptrend has been penetrated again, and it looks like we could work lower from here. Once the Technometer becomes closer to oversold, we would expect a retracement rally that we would like to add to shorts on.