BTC-Stocks-$ – Metal. Our weekly Update! Our video is out!

Good morning from CFT (our video is out!),

For Bitcoin,

We were bullish last week on our update down near the lows at $52,000. We did have a rally up in the wave “d” of the triangle, our preferred count. So we did make some money being long Bitcoin and Ethereum. We have two ALGO’s currently trading customer accounts. One has been scalping up here recently at the highs and taking a little bit of money out, and the other one has been quiet. We look for continued success with our ALGO trading. Currently, we are looking for stocks and Bitcoin to rollover. So we think the preferred count here is, as we show on the chart, looking for an “e” wave down to around $54,000. There are some bearish counts that look for much lower, so we will be on the lookout for that, but for now, we are looking for a little bit of weakness coming into next week. 

On U.S. stocks,

we have what we think maybe is an ending diagonal ending currently, which finishes this rally we have been monitoring forever. This could be ending as we speak. We’re looking for a pullback to approximately 368, if this Elliott Wave projection holds. But we are bearish U.S. stocks; we were friendly last week, as we announced here. We took small profits on some individual stock positions, but now we are back in cash. Next week possibly we will go short.

On the U.S. dollar, 

we talked about having further strength, and we did get some in the last couple of days, so our indicators are still a little friendly on the dollar, so we’re still long and looking for subdivides higher after maybe a week or some of sideways.

Precious metals,

we are still short. Have bounced the last couple of days here, but we still expect that as U.S. stocks turn lower, we think precious metals miners will also turn lower, so we are still short.

Have a good weekend. 

Thank You

CFT TEAM!

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