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The WYCKOFF CRYPTO REPORT provides regular updates on the most popular digital assets based on the Wyckoff Methodology. Our market outlook follows the principles of Supply and Demand and Market Participants Analysis as they are taught and practiced in the WTC/WTPC/WMD classes.
The Leading Index DeFi PERP (thematic buying Decentralized Finance) is leading the market and is currently in a strong position. DEFIPERP has cleared the resistance (MSOS) and the current reaction has bullish characteristics (small downspread, no ability to commit to the downside). We look for long candidates in the DEFIPerp Index.
Bitcoin is in a spring position. We are currently testing the 11.6K level.
Shayan, a student of the Crypto Class, has asked in July us to look at the DeFi Perp Index. Good idea! At that time, we were still in the range. A much bigger structure was completed in mid August. Now, we have fulfilledthe first target (PnF segment highlighted in green). We still have fuel in the tank for a move to $40000. The confirming count suggests that the timing of the continuation of the uptrend is now. The DeFi mania is not over for now, acceleration to the upside in synch with S&P and Nasdaq is very likely.
The strange case of Yearn.Finance
Yearn.finance is the first asset to be pricier than Bitcoin. The DeFi concept in fact provide a “natural leverage effect” that we usually study in the relationship oil price-oil company stocks- oil service stocks.
Point and figure charts suggests that we have fulfilled only the first segment of the big accumulation structure. The current range presents all the attribute of a reaccumulation. The potential RA points to the $26K target, a great clue: a confirming count suggests that the timing is NOW.
YFI is breaking up the consolidation. Good candidate for a trade to the long side.
DOT is structurally and comparatively strong. We have drawntwo possible bullish scenarios. Continuation to the uspide/acceleration is very likely.
Balancer is in an established uptrend. Look for the dips in the current channel.
AmpleForth is lagging, but we want to stay alert and look for signs of rotation.
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I will be happy to discuss your questions in the next Crypto Reports!