Hello from CFT (our new video is out!),
Last week we discussed Bitcoin heading up to that $52,000-$54,000 level in the red wave (D) of the white wave (4). We think that is occurring. On a short term basis, we really want $39,000 to hold to now be support, otherwise we could see a new low to the move, and we could be looking at a large a-b-c- flat, instead of a red a-b-c-d-e red triangle. But for now, everything is in place.Â
With the news of Russia over the weekend, pressured stocks, pressured Bitcoin, but we think they will find support and work higher. Â
On U.S. stocks, We talked about the green wave (4) ending two weeks ago; we still think that is the case. Again, selloff Friday because of Russia, but we think stocks will hold here and work higher.
Dollar, We talked about an upthrust. Now we are just having a little a-b-c rally back up; we think the Dollar has turned lower.
Precious metals, With a weak Dollar, they should be able to firm up and have some type of rally.
Thank You!
CFT Team.