Hello from CFT (our video is out!),
In front of us the 4 hour Bitcoin chart.
Last week we were at $58,300; we were really expecting a triangle “d” wave to top out and head lower. Instead, we did go up to new highs again following the U.S. stock market. Our ALGO did trade that a little bit and made a little bit of money, but otherwise, we have been sitting in the money market with manual trading. We have changed the chart to really just raise the “d” wave up to the recent high; we are still looking for some type of pullback here, in the wave “e”. It could actually be an ending diagonal that we show in purple, which means we are sitting here where we still expect a little bit lower, before another new all-time high. So that is our two counts, and we still think we are in corrective mode, today has been some wild movement, but we’re staying with correction mode.
We had given a sell a week ago, as marked by the red arrow. We did continue higher here into the weekend.
We still think U.S. stocks are overpriced and worried about a correction that could be sharp.
as you know, we have been long; we are still looking for it to catch itself and work higher. We are still under that same premise; we will hold at this level and try to go back above 93.50.
we have been short, as you know, last week has hurt us, we had a rally here we got small losses on some shorts. We still think here we could turn lower and move back lower while the Dollar rallies. So we are staying short here with breakeven or small losses.
Have a good weekend! Thank You