Hello from CFT (our new video is out!).
Bitcoin, Last week the stock market came under some deleveraging pressure, which also brought pressure into the Crypto market. We have had some pretty big selling here after the support there around $39,000 gave away. We personally don’t think that has changed anything. We did nibble a little bit on the way down; we are still about 45% cash $ on many portfolios. So we still again, think this triangle is in force. So the lows are here or really close. Worse case, possibly believe maybe we could fall below this $28,500 to complete a larger (abc) down. But personally, we do not think that is it. We think we are making a low here or in the next couple of days, then again, we’ll continue on this wave 4 sideways.
As mentioned U.S. stocks did come under more pressure. we have put what we think is a green wave 4 ending here, which will lead once again to further highs. So that is our outlook.
Dollar, we talked about it being oversold, and possibly could rally a little bit. It did rally back to previous resistance, so we look for the Dollar to turn down.
And the XAU, really we have had an overbought in our indicators, we don’t really have any strong opinion here currently in the Metals
Thank You!
CFT Team.